I have a theory: there's no data at all to support the argument that working in an office improves productivity. CEOs have to know that – they see the reports. That's like their only job is to look at those reports and react to them with strategic changes.
So what is it? Here's my theory: while it's possible that many of them invest in commercial real estate, that alone doesn't explain the unanimity and consistency of their false messaging on this issue. So what impacts might they be reacting to that uniformly impact all of their business models the same way?
Taxes. Corporations get tax breaks for all of the capital expenditures and maintenance costs related to running their businesses out of a commercial office. Sometimes up to 100%. With empty offices, it's hard to make a strong business case for carrying all those costs even if it means the money spent won't be taxed at all. But if they shutter or downsize their offices, all of a sudden they'll owe tens or hundreds of thousands of dollars in corporate taxes for operating capital that wasn't spent. If they don't blow it on corporate infrastructure, they'd have to blow it on salary increases or innovation to keep taxes negligible.
There's nothing these types of people hate more than paying a living wage and funding essential services and infrastructure that the general public gets to use for free.