I understand what you're saying but I like to think of it this...

I understand what you're saying but I like to think of it this way (this is my own idea surrounding the market and businesses at the moment).

WFH has been in place since COVID began and more and more companies look to implement flexible working arrangements permanently. In terms of the office space that means businesses will likely reduce their capacity, however, the growing trend continues in office that there are more sqm per person. Why? To make the office more enticing and a place people want to go to.

I believe in the long term the office will return as a company can't maintain it's culture without it. We're asking why there's the current "Great Resignation" and I think that people no longer have a connection with the business they work for due to the extended WFH routines.

As for the debt piece, it's yet to be seen if/when interest rates will rise but it'll be interesting to see how many of COFs tenants are on fixed renewals vs CPI renewals