Rent expense is already a tiny fraction of labour expense. I don’t think companies will make a different decision if market lease rents decline 50%. It is tiny

Rent expense is already a tiny fraction of labour expense. I don’t think companies will make a different decision if market lease rents decline 50%. It is tiny on the income statement. They will make the decision based on the impact to labour, as a tiny shift in productivity or retention/turnover could easily wipe out the relatively small rent expense.