This answer by dhiraj beautifully covers my own thoughts about ReITs:
Tldr is that the wfh trend is not sustainable. Despite bearing the heaviest brunt of wfh, embassy reit which is based in Bangalore only lost 2% in terms of occupancy from 93% to 91%. Imo 90% would be the local minima and as vaccinations ramp up, mortalities go down, offices would open up.
I am employed by Google. Even though they are a global giant they do not plan to implement voluntary wfh forever. They intend to make it easier go wfh but we would always have to go to office few days a week in order to collaborate. This means that the office space would have to be maintained. I believe this would be the trend going forward.
For the local IT companies which claim that their employees can wfh forever, I find that they are jumping tbe gun a little. As responsibilities increase same employees would find our congested 3 bhk homes very small for 2 people to productively wfh for multiple years at a time. Work life balance would also be much better when people work from office and hence people would tend to want to work from office in general (there would always be exceptions). Hence some reduction in distribution in short term but very stable over longer term.