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Some have apparently downvoted you, but I think you make a good point. The workers may have rejected the onsite companies such that it is difficult to fill the
by michaelteter 3y ago
Some have apparently downvoted you, but I think you make a good point.
The workers may have rejected the onsite companies such that it is difficult to fill the expensive offices. But also, it is likely that the COVID forced out-of-office situation has caused companies to re-evaluate the value of prime office locations.
Fashion is a self-reinforcing feedback loop. If the scenario is visible and hyped, others will believe they must follow it to be relevant. And then it becomes stronger, and effectively relevant. Soon every real US finance company needs a prime Manhattan office... unless it's a commodities company, in which it must have a prime Chicago location.
Aside from inflating finance company performance via tax laws, I don't think politics really has so much to do with this. Actually, the global upward wealth redistribution policies do mean that a smaller group has a more difficult time finding places to park money, so that indeed does inflate propertly values.