Why is the market pricing Office REITs like they’re going extinct?

Office REITs are down 30-50% since I started looking at the industry. What is the market assuming will happen?

Private market cap rates seem to be stable, with some slightly increases in different locations. Public market makes it seem the industry is dying.

Stocks like BXP, SLG, VNO, HPP, KRC, DEI, etc seem to be established companies with good track records. The tenant occupancy is good and their debts are staggers.

Only thing is work from home. Pre Covid, employee occupancy was 99%. It’s like 40-60% currently, depending on location. For example, San Jose is 40% while Austin is 60%.

I’m surprised there aren’t acquisition talks at this level. This reminds me of the retail sentiment when people thought Amazon would take over the world.