It’s been a broader trend of businesses downsizing the square footage when they can and when they can’t they start to mandate in office to justify the cost.

I don't know how broad the trend is, but I am a contractor for the US government. I'm told that agencies are actually required by law to reduce square footage. So when they tore down my old building (which absolutely needed to go), they simply could not as a matter of law build a new building with the same square footage even if they had the budget.