Comment by alper

> lowering the rent would force a revaluation

Commercial leases are often for say 5+5 years, so once you lock it in, you know for sure what the property revenue is going to be for the next so many years. Your uncertainty equation has collapsed.

I think the main insight here is that commercial real estate is an entirely different animal than the residences that you may be used to.

You can apply this same reasoning to the "back to the office" pushes done on behalf of the institutional investors who have exposure to large commercial properties in inner cities. That too is a financial house of cards built on assumptions and vibes.