It's worst for banks, since they hold a lot of the financial strings to the property. The pressure rolls downhill from them onto debtors. If their property investment business fails because people are using developed land more productively than they anticipated, they are in huge trouble. That's a whole business model and class of assets effectively stranded.

There's a reckoning coming forth in these back-to-the-office articles. Short of blowing up the internet, the market is going to do whatever it wants with or without the banks, and it doesn't matter how much avocado toast snark is put forth.