There has been much talk about offices heading for the buffers. The nightmare scenario is many thousands of office buildings being deemed virtually worthless as leases come up for renewal, leaving owners and even lenders run aground. Landlords, investors and financiers have all been looking over their shoulders nervously.

This is compounded by the longstanding anxieties around retail due to the move from bricks and mortar to more online shopping. Charlie Munger, Warren Buffett’s right-hand man, has warned of a major pullback in lending to commercial property. He argues that American banks are full of bad loans associated with previously lucrative assets.

Yet there has been some moderately good news about the future of the office lately. Zoom is telling its employees they need to spend more time there. The company that is synonymous with home working wants those who are less than 50 miles away to show up at least twice a week.

It’s a cautious shift, but numerous other companies have introduced (somewhat) tougher requirements since the pandemic. Apple and Amazon expect their employees to make the commute three times a week.

Meanwhile, Elon Musk’s Twitter announced a few months ago that employees should be in the office full time – reversing the previous rule that they could be home-based every day. So where is this market heading?