Institutional Real Estate Inc. reached out to a number of top investment firms to get their read on the current state and likely future of the office sector, which has been thrown into uncertainty by the COVID-19 pandemic. “There’s going to be a lot of short-term disruption,” according to Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, one of the leading private debt funds in the nation. Because office leases tend to have long terms, the office market has been insulated for the immediate short term, but Zegen says that “tenants have the upper hand for the next one to three years,” making the office sector riskier than safer bets like the hotel and retail industries.

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