A bunch of chair warmers and button pushers moved to Tahoe or Mazzula, so what? It is nice to have a huge house and some land, but city living is are a tradeoff. Living around a bunch of people means food, entertainment, and social options that simply can't be had from a Zoom room.
If CRE prices drop, the offices will still get filled to the brim with new companies in a couple of years. Will there be some CRE bankruptcies? Certainly. But has anyone looked at on time payments of office REITs? Keep an eye on those for dividend cuts as a predictor.
Thinking of starting a business here? I'll beat my drum once again -- it has never been a better time to setup shop here. Take risks when others panic.