But companies are owned separately. Reducing office costs would increase the value of the renting company while decreasing the value of commercial real estate, regardless of their ownership.
Investors owning both real estate and the companies renting that real estate are not colluding. One investor who owns 90% stocks and 10% real estate is not going to help out another investor who owns 90% real estate and 10% stocks.
But companies are owned separately. Reducing office costs would increase the value of the renting company while decreasing the value of commercial real estate, regardless of their ownership.
Investors owning both real estate and the companies renting that real estate are not colluding. One investor who owns 90% stocks and 10% real estate is not going to help out another investor who owns 90% real estate and 10% stocks.