(Bloomberg) -- PGIM Chief Executive Officer David Hunt said the market for office real estate is heading for a shakeout, with about 60% of buildings in “purgatory” because they aren’t up to standards to draw tenants.

“We are going to have a big workout for that purgatory set over the next 24 months,” Hunt said Wednesday at the Bloomberg Invest conference. “Prices will come down.”

Offices built since 2016 in prime locations are getting good rents and are “real winners” at the moment, Hunt said. But the 60% of the market in purgatory often isn’t in good shape or upgraded to climate and hospitality standards, he added.

The last 20% of the market is “probably going to get the keys handed in on it,” Hunt said.

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