[26fingies]

You have to remember that companies are run by people and people have incentives that are not always aligned with the company.

For example if you are a very wealthy person who runs a large company you need to put that money somewhere and that somewhere may be real estate. In fact it may be real estate in a city such as San Francisco. Prior to covid and work from home that was a very good place to keep your money, but today it’s a lot less good. Companies themselves may have significant real estate investments as well. There are more inputs to this than productivity (and real estate for that matter but it was the first example that came to mind)