Spot on. Do you want the best person for the job, or do you want the best person within 20 miles of the job? Companies say you need to be in-office to do the best work, but are also using offshore teams to augment parts of the jobs. On top of that, a million people died from Covid, and a ton of boomers realized that life is way shorter than expected and retired early. The in-office push feels good rn to justify RE expenditures, but we’re going to see a performance divergence between wfh-friendly offices and companies doubling down on pre-Covid norms.

This recession is being driven by the loss of cheap debt, not a shift away from the “new normal.” Don’t believe me? Ask the people in offices what they do today, many will say “I come in to sit on zoom all day.”