>They invested a lot into office real estate and if working from home becomes the new normal, it has no resale value.

This is the big one that I see. I work with several tech companies throughout Nor. Cal. The ones that have big, grand offices (and are also not able to downsize/sell/lease) are all the one hammering on employees to return to work. Other companies that have many offices, so combo buildings are the ones reducing their real-estate footprints and promoting hybrid. It's becoming a "we're screwed, so you're also screwed." Whereas others are, "hell yea, lets shed some buildings, save costs."