This is why I don't buy the commercial real estate argument. If you own the building, you're paying the upkeep and taxes with either RTO or WFH. A decline in commercial real estate just means you have to mark down an asset on your books. Unless you were planning on selling in the next 10 years, the only difference it makes is a bad quarter of earnings, but that should already be priced in, and markets are forgiving of one-time write downs like that.

This only applies to companies with large real estate portfolios that play real estate as a side hustle. If you mostly rent, just don't renew your lease. If you're an office space REIT, it's gonna be brutal.