If it were just about real estate, then Amazon would not be calling for 5 days a week return-to-office. I don’t think real estate interests are powerful enough to push Amazon around and I don’t think they’re entrenched enough in Amazon leadership to make it happen. As an alternative contributing factor, I suggest that Amazon wants employee attrition, and five day return-to-office is a convenient tool for that. One of the things that makes return-to-office such a convenient tool for employee attrition is that it’s a deniable tool.
In cities like New York, it’s pretty clear that commercial real estate interests are in bed with the city government. I just don’t think that real estate has enough power to push through a return-to-office agenda at the scale that we’re seeing. Don’t get me wrong, I think commercial real estate interests have a ton of influence. I just don’t think it’s enough influence to explain RTO at this scale (but it can explain RTO policies in some specific cases).