Anecdotal data but UHG one of the largest health care companies in the world had a huge stake in commercial real estate pre-covid. They owned virtually every bu

Anecdotal data but UHG one of the largest health care companies in the world had a huge stake in commercial real estate pre-covid. They owned virtually every building their employees worked out of all over the country. Once covid hit, they saw the writing on the wall and have been liquidating their real estate holdings over the past 3 years or so. I live in Minnesota and they've sold five of their buildings here alone, including one of their older main HQ buildings. They now have one HQ which is a three building campus and have gone to an almost 100% WFH model with an optional office arrangement where you can reserve a desk if you know you need to be in the office. Many of the downtown Minneapolis buildings have also changed hands including the Wells Fargo and Capella towers. If anything, what you're seeing is a lot of the S&P 500 companies are divesting their commercial real estate holdings since it doesn't appear as though in office time is going to increase or be anywhere near what it was pre-covid.