To me the interesting thing is how this plays out vs. commercial real estate market. Rentals in commercial real estate are generally long term (e.g. 3 years or longer). In general companies probably only started serious decision making in 2022 after it become clear "work from home" was not going away after seeing that offices are still partly empty most of the time.

That suggests we're probably going to start seeing a commercial real estate collapse, beginning some time in 2024 as significant numbers of rental agreements expire.

If that's true, I wonder what impact this will have on cities in general? There are so many potential knock-on consequences it's hard to predict outcomes.