A lot of companies have a huge investment in commercial real estate and likely don't want to see those values drop. But I'm with you--this makes no sense to keep oscillating between "yay! cases are dropping, the pandemic is over!" and "uh oh, everyone WFH for now".
IMHO companies where possible should scale back to the bare minimum on site and build a strong remote-first culture. Sell offices and move to smaller locations if it makes sense to reduce that footprint. This doesn't mean no one can work on site, or that no one can work remote.
Indian IT companies famously use all sorts of arrangements to claim large chunks of premium land in big cities. A large portion of their profits are banked in land and commercial real estate yielding them tax benefits and holidays for "infrastructure investments."
IMHO companies where possible should scale back to the bare minimum on site and build a strong remote-first culture. Sell offices and move to smaller locations if it makes sense to reduce that footprint. This doesn't mean no one can work on site, or that no one can work remote.