Office leases are the slowest possible referendum on remote work

Corporate property decisions move on a decade-long cycle, which makes them a terrible instrument for measuring a change in working habits that happened in a month.

Sunk cost with a signature

A company holding space it no longer needs has a standing incentive to fill it, and that incentive is frequently mistaken for a policy conviction about collaboration.

The real signal

Watch lease renewals and sublet listings rather than return-to-office announcements. One is a cost, the other is a press release.