like "The market" is some rational, logical all-knowing, all-wise higher force.
"The market" is a bunch of rich assholes that act in their own self interests.
They don't give a sh-t about you and they definitely don't give a sh-t about me.
For instance, demanding that people commute to the RE they've invested in before their investments fall through the floor in valuation.
Lot of naysayers here claiming illegitimate "bias" when people point out their increased productivity when working from home (just the lack of interruptions and forced writing down of institutional knowledge are worth it), but will they admit there is plenty of bias from corporate officers owning real estate in the downtowns where offices are, or just managers at all levels feeling power to micromanage and lord over people slipping through their fingers?
Of course this is probably the case; but how many people in higher positions are invested in REITs that invest in commercial RE? I bet it's a fairly large proportion. Hews to the old adage espoused by Buffet and others of "only invest in what you know."
Just because they don't have skin in the game on that particular building they are bossing people around in doesn't mean they don't have vested interest in seeing office space being rented in general.