Yes, they need to prove that commercial real estate still holds any value at all, though I'm not convinced seeing this incredible shift towards remote economy. I think they just burned a bunch of money to be honest. Maybe in 15 years we will see the Apple campus converted to high quality free public housing, which would be a good outcome for all and certainly would create more value for society than it does now.
> need to prove that commercial real estate still holds any value at all
You've hit the nail on the had, the entire human civilisation could reorganise around smaller cities without the commute to be more healthy, less polluting and more environmentally friendly
Instead we are witnessing whole COVID-is-gone theater only to protect parasite investors that 'invested' in assets that don't produce anything
Wanna bet upper management and board members spend some of their money buying up nearby or distant-but-commute-friendly property just before a new "campus" is announced? Not the actual land the campus will be built on, of course. That would be a conflict of interest.
I think that is one variable but I also think senior execs want to walk into buildings with large groups of people that are less than them on the pecking order.
Getting your ass kissed all day can not feel the same remote as in person.
You can't replicate remotely the feeling of taking the elevator to your office with everyone you pass on the way knowing you are a big deal in the company.
I suspect that at the root of all of these companies with massive office investments insisting that everyone gets back to the office as soon as possible is something to do with taxes.
Something like deductions that cannot be taken when those facilities are not used or not used enough in the development of income.
Having X employees in a given city/county/state is often part of agreements for skipping taxes or even attaining grants for new office development, that's true.
