[smarmgoblin]

I think they realize the truth which is that productive people can be productive anywhere. Do they care about the toll a 2-hour commute takes on the workers or how that translates into deliverables and timelines? Ask yourself if this sounds likely.

Also they understand that most of these companies are 100% losses anyway, but real estate investments are much less likely to go to zero. (Plus rent is just cold hard cash.)