I’ve got some passing familiarity with how corporate office RE works. I’d say a big regional office with say 120,000SF of space will need less than half that post-Covid. 2/3rds on the upper end. There may be businesses needed the full 120kSF, but there will be those who need less than 30k. I am amazed we haven’t seen more give backs to the banks like with the San Francisco Union Square hotels and the SF in-town retail mall. There are other considerations besides post-Covid realities in SF, but the underlying issues are still there.
So you are of the thinking that there should be some correction, whether reasonable or massive?