Your company CEOs golf buddies from the real estate business are complaining that they are losing money because rental office space value is dropping. It’s the only reason.

That's a cynical view thinking that's the only reason. /s

Another reason may be that the company received generous tax breaks from the municipality or state to have workers working in a specific place, and now all those workers are spread out to different cities, counties, or even states, the tax man is getting angry and threatening to take the company pay up. So bosses are forcing workers back into office even though it is more costly to workers and makes them less productive.