While older office properties have seen soaring vacancy rates, there has also been steady year-over-year growth in the number of Class-B and -C office properties on the Ten-X platform since the onset of the COVID-19 Pandemic. Ten-X President Steven Jacobs spoke with REJournals about this trend—and how online auctions have demonstrated themselves to be the “escape hatch” for owners.

“This isn’t all about the pandemic. It’s about the flight to quality, too,” Jacobs said. “If you are the owner of a Class-C building and you can’t reposition it — you can’t knock it down and build housing — you want to monetize that property as quickly as you can. The auction format is good for that.”

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