Thats clearly true of smaller companies. And there are larger companies that have significant real estate holdings as that is a major component of their busine

Thats clearly true of smaller companies. And there are larger companies that have significant real estate holdings as that is a major component of their business (McDonalds for instance). But office/operations space being owned was generally viewed as inefficient for large companies that didn't have real estate ownership as a core function because its a pretty bad asset for a company both as a store of value and as an investment in innovation.