I think big players also have significant risk exposure during black swan events and the timeline of their operations makes those incidents not entirely unlikely to occur. It's sort of like insurance - most of the time they just get to extort rent, but sometimes they get crushed, too.

https://finance.yahoo.com/quote/HPP/

Check the 5-year on Hudson Pacific. They're down 96% and dropping. They own a significant number of downtown commercial properties in SF and LA. They're completely underwater, their spaces are barely half full, and they can't lower rents without violating their bank loan covenants.

Of course, if the commercial landscape hadn't shifted in a way nobody could predict then, yes, they'd likely have continued to print money for the foreseeable future. Instead, they're left holding a very heavy bag and will take it to the grave.