The prospect of falling occupancies and rent reductions will cause cap rates to rise. COVID-19 has been a shock to public health and the economy. As the toll of new cases starts to subside in some states, it is becoming clear that “normal life” in the future will be different from our pre-COVID days. Changes to our work routines have been so significant that some will be permanently adopted. What does this mean for the office market in the near term, and in the long term?