You'll need to meet the other compliance requirements for QOZB status, and the entity will need to be owned by at least one QOF. But buying an office condo to use in a trade or business ought to qualify the condo as QOZ property.
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Does my business qualify as a QOZB if it is conducted in a property located in an OZ?
If I buy an office condo in a new construction project that has not yet completed in a qualified Opportunity Zone, does the office condo qualify as QOZ property if it is under its original use? I want to operate a QOZB from that office.
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Property and business are two different categories. Just operating in a QOZ does not make your business a QOZB.
It should work.
One of the conditions for a business to be a Qualified Opportunity Zone Business is to operate in an Opportunity Zone. But that is only one of the requirements. In addition, the business should comply with the 70% property test, the 50% of income test, the financial and intangible assets test and the no-sin-business test.
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