So you think, having more retail space, more office buildings, more construction, etc is unrelated to jobs. Yep makes sense... What do you really think is more valuable a block of houses in San Francisco among many other blocks of houses, or if there was still any, a block of houses where a highrise could be built in Manhattan? Note also what's happening in the US is cities are disproportionately getting more expensive, people want to live near density. Jobs that used to be out in corporate parks, are moving, because non of the younger generation wants that life style. This is also why one of the cities that's increasing density and rezoning the fastest, Seattle, keeps having the highest increase in value for single family homes.