As a journalist, I can report that PGIM CEO, David Hunt, has recently stated that he believes 60% of the office real estate market is currently in a state of “purg.” This statement comes as many companies are reevaluating their office space needs in the wake of the COVID-19 pandemic and the rise of remote work.

Hunt’s comments were made during a recent interview with Bloomberg Television, where he discussed the challenges facing the commercial real estate market. He noted that while some companies are returning to the office, many are still hesitant to commit to long-term leases or invest in new office space.

According to Hunt, this has created a situation where a significant portion of the office real estate market is in a state of limbo, with landlords struggling to find tenants and companies unsure of their future office needs. He also noted that this trend is likely to continue for some time, as companies continue to navigate the uncertainties of the post-pandemic world.

While the current state of the office real estate market may be challenging for landlords and investors, it also presents opportunities for those willing to take risks and adapt to changing market conditions. As a journalist, I will continue to monitor this situation and report on any developments that may impact the commercial real estate market.