I'm sure that's part of it, but most office-based companies do not own commercial real estate. They're renters of it. Having workers return to the office does nothing for the value of their property, as they don't own any.
While it does give management a sense that they're paying rent on those long-term commercial leases for a reason, it's pretty clear that the real value for them is in being able to directly see employees when they're not in-camera. Managers and ownership have demonstrated that they do not trust their employees, and pulling them back into the office is much more about feeling like they can control their lessers than it is about anything else.