I see For Lease signs on commercial real estate at all price points everywhere I go. WFH has been a paradigm shift and commercial real estate hasn't caught up to the reality yet. Companies that embrace WFH will have access to an entire nations' worth of talent and will end up with a competitive advantage. Requiring RTO means employees must be within thirty miles or so of campus, and lots of talent won't go for that anymore. I don't recommend anyone relocate for a job unless they are very young and its just a matter of renting. I'm not selling my house for any employer at this point.
Many tech companies also overbuilt. I predict Google will pull the plug (or massively downscale) on their San Jose "transit" campus...there's no way that Google needs another 25k desks in addition to their existing real estate building/buying binge, particularly with recent talk over headcount. Fortunately for Google, simply by virtue of announcing the San Jose campus, they've raised the value for the undeveloped real estate and will be able to sell it at a profit.
WFH is going to be a defining trend...I predict it will be a survive/die issue for companies.