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But wouldn't companies also save money by using smaller offices (and maybe by cutting the micro managers who control employees in an office environment)? What you are saying is that companies are capitalizing on the preference rather than any real cost of working from home?

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Why not both?

Cut office costs and salary costs.

I don't see this as a signal that these companies necessarily want employees back into offices: If employees do prefer WFH then, as I mentioned, companies may be betting that they will accept a level of cut.

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