Comment by ggm
I am here to repeat my sort-of non-but-almost conspiracy theory: It's not about the work, it's about the value of the Listed Property Trust (LPT), as a construct, if the entire central business district price model behind buildings tanks.
Every company of this scale is in LPT. They have shitloads of money tied up in the declared value of the office space either they invested, or they leveraged. If it tanks in value, they are on call for the decline in value related to that.
Thank you for reading my almost but not quite tinfoil hat conspiracy theory.
This isn't even a conspiracy theory, it's just true. I mean, some of it is definitely induced attrition (you always want the expensive people to quit, in the Milton Friedman cinematic universe), but the rest is that the commercial real estate market would collapse tomorrow if businesses couldn't justify their 10- or 15-year commercial leases. Not for nothing did endless headlines about how "going into the office is super cool, actually" run in our most august financial publications, like WSJ and the Economist, right around the time RTO mandates started showing up.