It's an interesting turning point for corporations: either have their employees come to the office and work at 100% of potential, or work from home (or coffeeshops, libraries, coworking spaces, or part-time at the office) at perhaps 95% of capacity while subsidizing the corporation through much lower rent cost. Were I running a corporation and looking to reduce fixed costs, I'd opt to send people home with laptops, cell phones, and an internet subsidy in order to save the costs on everything from insurance to food service. (I'd subsidize their rent/property tax and office supplies too, and the Board would probably oust me as CEO because I have my employees' best interest at heart rather than the hard bottom line )
Coming into the office is actually *less* productive all things considered. There's no water-cooler conversation, no leaving for lunch, and arguably people aren't late or leaving early because of public transportation schedules.
What I've experienced with WFH is people are online early and hang around later, partially to remain visible but also because you can start to feel somewhat detached without some interactive conversation. We had an impromptu staff meeting one night well after closing hours because everyone happened to be watching our group chat in MS Teams, and a couple jokes from two of the on-call people started to light up everyone else's phones. Now we're doing that a couple times a week for gossip and rumor control. Doubt we'd be doing that if everyone was in the office.
Few companies have the ability to jettison real estate quickly. Some NYC based companies are indeed looking at not renewing space when it comes up, and I suspect you'll see the same in other big cities. So the loser in all this may be public transit. The winner will be people like me a few years away from retirement possibly having the ability to leave a high cost of living (and high impact from future pandemics?) area, go somewhere with lower costs and still be able to be working for the same company. Working with an Illinois company and living in central Tennessee or Texas would more than make up for tax hikes that are bound to happen and the salary cuts some of us are facing for years to come.