There’s a lot of gloom written about offices, and most of it misses the point. The market hasn’t fallen away — it’s split. Good, well-located, energy-efficient space is letting well, and occupiers will pay for it. Older, poorly-rated buildings are the ones sitting empty.
If you’re an occupier, this is a decent moment to upgrade. Landlords of quality space are competing for good tenants, and there are sensible incentives to be had if you negotiate properly — a rent-free period to cover a fit-out, for instance.
If you own an older building, the question is honest: refurbish to current standards, change the use, or sell. None of those is wrong, but pretending the building will let “as is” usually just costs you another year of void.
Either way, start with a straight appraisal of where the building actually stands. I’d rather tell you the truth early than flatter you into a strategy that doesn’t work.