“It’s the most adaptable that survives,” says housing analyst Fred Cordova, who sees a lot of demolition ahead. : As remote work keeps employees out of the office and vacancy rates sit at all-time highs, commercial property owners are desperately trying to avoid default: by upgrading their spaces to attract new tenants, converting their space into apartments or simply offloading their assets. One longtime industry professional doesn’t think that will be enough. As the market evolves, says Fred Cordova, of Santa Monica-based Corion Enterprises, there won’t be room for everyone—and about a third of office buildings are endangered species.