You make some points but also have the underlying assumption of zero office tenants. With all the cost and devaluation of that work it might even be worth it for the owners to just hold on at 20-30% occupancy and hope the offices gradually fill back up. Plus, if the space is vacant they get tax breaks so the hit is not as bad.

Again, not saying it’s impossible but with a 100 million dollar investment owners will do everything they can to get that back before cutting bait and spending money on a reno.