Real estate is very much driven by supply and demand. Moreso than many other industries. If the adjacent space is less valuable, it gives Amazon leverage to lower its rent.
In Santa Clara county we have our local behemoths trying to get their property valuations dropped. https://www.bizjournals.com/sanjose/news/2024/11/08/tech-goo...
The way commercial real estate lending is tied to lease rates usually means its almost impossible for them to go down unless you operate at these scales.
Most commercial landlords around me would rather have prime main street spots stay empty than refinance because of lower lease rates.