>I can almost guarantee this is about commercial real estate taxes more than productivity.

As simple as that. I was looking at the numbers of one of our partners that has gone bankrupt in Europe. He made the brilliant decision to invest everything in Office space just before Covid. They expected to recover money after Covid, but it is not happening.

A lot of big guys invested there, specially politicians, and of course expensive taxes. They will do everything they can to delay the sinking.