this post was submitted on 30 Nov 2023
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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.