How do you want them to pump up real estate prices if people can work and live outside of city centers ? What are they going to do with all these gigantic towers ? Thinks about these poor mill/billionaires!
The companies bringing employees back to the office aren't typically the owners of these buildings not are they real estate investors.
Sunk cost fallacy may be a factor but it's not the same.
Local businesses want humans near them.. that was the agreement, and the government wants that generated tax revenue.
Many of this big orgs are not "maintaining their side of the agreement" - hence pressure to return.. lest tax breaks get challenged.
Frankly, the idea that there is any logical financial motivation (aside from an idea of increased productivity) for return to office is far fetched.
Not rhetorical - from my perspective, it seems like RTO is plainly a money-waster. If you're hybrid or remote and it's working, why take the risk? And, why pour your pockets on things that don't make you money, like office space? Cubicles don't produce your product, people do.
I mean, it just makes so little sense to me. I don't think that means it's a conspiracy. But, clearly, we are missing something that executives are factoring into this decision.