it def does! if people don't want office space, then rents go down. most of these buildings are highly leveraged with debt, and if they can't hit their projected income targets, then they may have to default on their debt. if they default on their debt, it could have a major impact on capitalism as a whole. office buildings are, as a rule, the most expensive properties, and the ones that pre-covid were thought of as quite stable. it's where "smart money" is parked, like life insurance, the remaining pension plans etc etc