At this point i'm convinced it's more about the fact these higher ups have skin in the real estate game. They either know the people who lease their properties, or are heavily invested in the property itself. So they can't get past the mental block that is the sunk cost fallacy to just ditch it, or lose "good boy points" with their rich peers by saying they don't need the property anymore.

I guess it's also harder to brag to your rich friends how big your company is when you have less physical locations too, but at this point i'm just grasping. The amount of money these companies could save it massive, but they just absolutely refuse to do it for whatever reason.