Office real estate represents a tremendous financial investment and asset class. Its disruption portends tremendous shifts in wealth, power, and influence. The full realisation of those impacts could be held off for a time, but that capacity seems to be burning thin some 30 months or so into the Covid-19 era.
What will be interesting is how widely this spreads --- San Francisco is exposed, but not uniquely so --- and where and how far the impacts will fall elsewhere. Given the significance of these asset classes in bank and investors' balance sheets, this will also play a role both in wider asset-class values (see John Kenneth Galbriath's The Great Crash: 1929, for a pithy observation on how bad assets can wipe out good in a rush to liquidity), as well as central banks' efforts at containing inflation --- the falling bank balance sheets will wipe out much of the monetary supply.