At the midpoint of lockdown when it became clear WFH was going to last, i believe well run listed property trusts 'fessed up to a writedown of the imputed value of their city centre office property.

If they didn't then I'd be sceptical of a return on investment for a while.

Agreed. What funds could divest from anything liquid with still decent cash flows, did so.

The rest, I suspect, will end up on central bank balance sheets via another convoluted scheme that implies a federal government back stop...