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this post was submitted on 30 Nov 2023
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I don’t know why people keep claiming that companies are asking people to come back so their property will increase in value. The value of your property has nothing to do with how many people you put in the building, it’s how many people a BUYER wants to put in the building.
The reason people are asking employees to come back is because of sunk cost fallacies (we bought this shit and should use it), or the fact that some leaders just don’t know how to work remotely well.
and that number gets higher if you work to perpetuate a culture that requires people to work in an office
Too many damn companies lease. I would argue that the bulk of tech office space in a place like San Francisco is leased. Hell, even Salesforce is a tenant in Saleforce tower.
Sure, a handful of giants own their properties, but I would argue that a lot of the people asking to “return to the office” wouldn’t benefit from increased real estate prices. It drive up their leases when / if they renew.
But the giants are the ones who set the culture for everybody else.
Also, a company might still have holdings/shares/whatever in funds that have invested in commercial real estate.
Also also, if too many companies lease, then why would sunk-cost fallacy act as an explanation?
Sunk cost comes into play because we’re locked into a lease agreement for a predefined period of time, and we bought a bunch of shit to make the office work for us.