I disagree. It has nothing to do with real estate. CEOs simply prefer working in an office with all their underlings around.
It’s cheaper to run a company if you need less office space. Even if you already have a ton of office space and it’s going unused, it’s cheaper to have an empty office than a full one.
Following the money leads to embracing a WFH-first mentality. So if it was just money, then these companies wouldn’t be forcing people back.
But besides money, people also enjoy power and they feel more powerful in a full office than working from home. So that’s what they pursue even if it costs more.
Just like how rich people will spend money on big houses and nice cars, not everything they do is to save more. They send money on things they like.