I’ve worked with/on dozen or so executive teams, public and private, bought sold RE and leased/renewed RE at most of them. Nobody cares about the landlords or the shareholders of those companies. It’s actually an adversarial relationship just like most tenant/landlord relationships. Each party is looking out for themself.

The math makes no difference when all you care about is yourself. The executives are wanting RTO because they feel like that’s what’s in their company’s best interest. I’m not buying into the grand conspiracy theory that’s floating around.