One of the traders I know, his company has about 25K sq ft of office space in Manhattan. You can imagine the rent. Their lease expires end of 2021, and they will not be renewing. They have brokers working from home, or working from offices in their local towns in CT, NY, NJ, MA instead.
They reckon their rent bill in 2022 will be about 1/3 of what it now is. And they are just one small Fin firm, I bet there are lots of big city firms making similar decisions.
A racing customer of mine owned a company that developed Medical office parks and buildings, he sold out to a major investment bank about 5 years ago, and most of the proceeds ended in a REIT, and he is limited to how much he can cash out over the next 10 years. His returns are about 50% of what they were this time last year, and he has been warned that the internal dividends are likely to suspended for the next 18 months at least
Sure, two pretty small examples, but I am not hearing anything positive in the commercial real estate realm at the moment.
And why I am glad I am not in REIT's.