Office values are only partly through their decline, and more properties could sink by over 50%, real estate expert says

• The office market is only halfway through its downtrend, a real estate expert said.
• That comes as some properties have recently sold for more than 50% below previous transaction prices. 
• Cohen & Steers' Rich Hill told CNBC that valuation declines could get even worse than that.

The office market is still working its way through a downtrend, and some properties could notch even worse price declines than recent deals have seen, a real estate expert said.

That comes as work-from-home and hybrid-work trends persist, prompting vacancy rates to rise as companies reduce the amount of office space they use.