The incongruent part of that theory is that the RTO push came from middle to upper-middle management (and some top-level ones on occasion).
The owners of commercial real estate are not these people. And it doesn't seem likely that these commercial real estate owners would have sufficient push by themselves to make such a large scale RTO mandate.
It came from the very top. The owners own both real estate companies and software companies and much in between. Many also copied the RTO directive to fit in.