Reduction in office occupation in many UK cities and towns has had a well documented impact on the local economy; rents etc. It has not however led to the kind of economic collapse that people who believe that work = presenteeism believed. Weirdly people working at home do indeed cost less and are usually as productive if not more so.
There is a well known but largely unspoken case of one well known employer, who may or may not be known for their alleged employment consultation expertise, who spent what we would colloquially describe as a ”shit load” on employee surveillance only to audit and discover that all those WFH were far cheaper and more productive than those in their office buildings if only they’d not spent said “shit load” on surveillance. They have made significant redundancies; shut multiple offices but artfully continue to recommend to other employers that the office is the place to be.