One possible outcome of a more normalized WFH culture might be a dramatic reduction in rent prices for the types of living arrangements you describe, precisely because their central locations have lost a principal source of value (proximity to the office), so demand will wane.
Similarly, centralized corporate real estate is not going to be as in demand as it once was. This will take decades maybe, but it's easy to imagine some of these buildings getting converted to residences, increasing the supply (and therefore decreasing the costs of rent).
Instead of 3-4k/month for a downtown studio in NYC, you might see 2k/month. It'll take us a while to get there.
Conversely, one might reasonably expect suburban rents to jump up, as city-dwellers move there.
Rents might come down due to a reduction in demand, but that demand is part of what makes SF / NYC desirable places to live.
For example, part of what make SF or NYC a desirable location for opening a restaurant or bar (despite the high rents) are the respective cities proximity to high income wage earners and companies.
Take those factors away and the superstar cities of the world (NYC, London, etc.) become as desirable as your average city in the middle of the country.
Similarly, centralized corporate real estate is not going to be as in demand as it once was. This will take decades maybe, but it's easy to imagine some of these buildings getting converted to residences, increasing the supply (and therefore decreasing the costs of rent).
Instead of 3-4k/month for a downtown studio in NYC, you might see 2k/month. It'll take us a while to get there.
Conversely, one might reasonably expect suburban rents to jump up, as city-dwellers move there.