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Doing the bidding of the commercial real estate industry, which is one layer below the banks in the layer cake
That makes no sense. Commercial landlords collect rent regardless of how often employees are on site.
The real reason for RTW policies is that companies want to downsize without firing workers (and thus without paying unemployment). Hence:
Two of my previous employers went out of business or are on their final thread and moved out to some small office somewhere. Those buildings have each been vacant for about 2 years now. Can’t collect rent if no tenants
Right, but if you have a tenant then you don't care what their WFH policy is.
Companies that are hybrid and go remote don't renew their commercial real estate contracts.
If they are not planning to renew their leases, then they aren't doing the bidding of their landlords as OP suggested.
In other words, if a company (for some reason) wants to please commercial real estate owners, it doesn't have to end WFH.
And if it doesn't care about pleasing commercial real estate owners, then it must have some other reason for ending WFH.
Commercial real estate owners need RTO because their stocks and assets are valued on feels. If most companies are paying for empty buildings, line goes down because they are perceived to be sure to sell.
And especially with really big corps who actually own their buildings, if it's empty and perceived to be worth less, the company is worth less.
Oh yeah you do, since your revenue depends on how many asses they expect to be in those seats.
When leases come up for renewal, rational companies look at how much space they actually need and downsize their office requirements accordingly. That's more or less what my employer is doing now. We own a vast building, but now we've sublet about a third of it.