The coronavirus pandemic threw the real-estate world into disarray, as people emptied out of offices, hotels, and malls and worked from their homes. That disruption has transformed how people and companies finance, operate, and occupy real estate.

Some big firms have been rethinking office needs — and some commercial real-estate deals were put on ice as financing dries up. Coworking and flex-office firms are struggling under big rent obligations after years of rapid growth.