Dividend safety outweighs office space issue...They could withstand a pretty good hit, so not really sure why such pessimism. Th occupancy is going to continue to dwindle for a while, and may get into the 80's. But they are being proactive, upgrading existing space and buying back units -
This next report will again show a decline in occupancy. They shouldn't even bother to focus on that - should treat it as expected. Focus instead on what the overall model can withstand, and the level of safety they offer.