What complicated things, is return to work will cause all the best to rethink their employment. I’ve seen HBR surveys that suggest the top talent is ending up places that allow them to stay remote. I think this leaves businesses in a tight place. I have every reason to believe that companies with lots of employee interactions have better acceleration/trajetory than fully remote, but it’s a big hit to lose top talent. And remote may have so much velocity from gaining this talent that they don’t care about the acceleration tradeoff.
Further, concentration of talent in a region also cannot be discounted. Certain things can’t happen without the exchange of ideas (partly why I think cities/counties should ban non competes). I don’t know how much a given company can control this concentration of talent, but I know that Seattle wouldn’t be what it is without Boeing, and then Microsoft attracting very smart people.