I attended a real full-on meeting in person yesterday for only the third time in the last year. It was at the CBD offices of a large organization. Aside from us and reception, no one was there. I assume everyone was working offsite. This has devastating consequences for commercial real estate and public transport. Though there is some elasticity (if some firms retrench on space, others might relocate, if some passengers don’t travel to work, other trips that are no longer squeezed out might come back) obviously it’s going to hurt. Also commute travel will be less peaked. This has follow on consequences for residential preferences and will lower relative house prices near the CBD.