Equity Group Investments founder and chairman Sam Zell opined that demand for office space is more likely to recover to pre-pandemic levels long before retail properties.

In an interview with CNBC, the American businessman and philanthropist warned that the speed of recovery in offices will depend on companies returning to face-to-face mode.

Check here: The net demand for offices spins two quarters with positive figures in the country

He stated that he hopes the recovery will start and continue once the new Coronavirus is "less risky".

On the other hand, he argued that the office market is not yet free or exempt from problems, obsolescence being one of the main factors, "and I think it will mean that some assets cannot be sold without a significant investment."

Of interest: Corporate inventory grows 3% nationwide

Although rates have kept the office market stable, he considered that the US Federal Reserve (Fed) needs to raise interest rates immediately.

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