I wonder this same thing about my company. The only rational theory I've heard - which is completely unconfirmed - is that they aren't willing to sell the building because it's still needed for the IT team and a few other purposes, but need a certain occupancy level to not be penalized on their taxes.
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Whether you like the idea of company culture etc not withstanding, it's easier to push in office where people are sitting in an environment that you have the power to craft and shape. As a predominantly call center based business our reporting has shown improvement moving from pure WFH to hybrid, I'm not going to apply that to other businesses, but for us it worked out that way.
Owners and executives may own companies that own the buildings and donβt want their investments to fail.
If we don't lay off employees, how can the stock price rise? With the stock price rising, the cost of labor decreases, killing two birds with one stone.