>In some cases, the pressure is also coming from external to the company, from cities and VCs and similar who care about the commercial real-estate value of now-abandoned offices.

That logic seems... questionable. Even if CRE firms are in VCs/investors' portfolios, it doesn't make sense to divert money from your SaaS companies to prop up your CRE firms. In the best case (ie. both sides are owned by you), such transfers are zero to slightly negative sum (from opportunity costs and costs associated with operating an office). In the typical case where you're renting from another CRE company, such transfers are definitely negative. It doesn't make sense to go spend your money to prop up the broader CRE market as a CRE investor, just like it doesn't make sense for you to go out to buy iPhones to prop up Apple shares as an Apple investor.