How one company is shifting its real estate portfolio to weather the office space storm, although the company admits that office-to-residential conversions won't be easy.

“For an office building, you can’t get a loan today…there’s no liquidity in the marketplace,” Gottlieb told Fortune. And with interest rates being higher, it’s eating away at a lot of the cash flow, Gottlieb said, calling it a “very trying time.”

In his view, the difference with this office real estate downturn as compared to previous downturns is that office owners are wondering if demand will ever return.