This article puts forward a theory of why rents for commercial real-estate in New York City haven't gone down during the pandemic. I suspect similar dynamics apply to commercial real estate and rental housing worldwide.

Notable quote:

Land costs in New York City are astronomical, making it tricky for developers to make their bottom line without charging astronomical prices. And with that in mind, the banks extending loans to finance these projects often require that the building maintain a certain "rent roll" (or baseline rental income), meaning it behooves the building owners to maintain a high, recorded rent on the lease, even if they're doling out freebies to make things cheaper for the tenant.