A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

The U.S. office market has been in a tailspin since the start of the pandemic, when workers were first ordered home. Some, especially younger workers, never came back — leaving many office buildings half full or empty.

The overall vacancy rate for offices, however, fell 20 basis points in the third quarter to 18.8%, according to CBRE. While that's still historically high, it marks the first year-over-year decline in v

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