> The thing is, if one is investing money, one should also take into account risk. This is true, but I think the idea that people should have priced in a black

> The thing is, if one is investing money, one should also take into account risk. This is true, but I think the idea that people should have priced in a black swan like a pandemic (and not only a pandemic, but a pandemic that changes the way we work) is not a reasonable one. > Remote work has been a thing for years now, with ever faster adoption of broadband Internet. This makes exactly the opposite point that you intend - despite the fact that people, especially those in tech, have had the infrastructure to work remotely for many years, SF's market still continued to go up in value and have incredibly high occupancy rates. If the condition existed for remote work for years and yet it had no appreciable impact on the use of office space, it wouldn't make any sense to assume that there will be a sudden change to cause everyone to work remotely and the market for office space to crash.