We're seeing a shift in demand across different sectors of the real estate market, not a destruction in demand. The market for office space is cratering, as is the market for 1BR apts/condos in dense urban cores. But most of the people who would've occupied those buildings are still working, they're just working from home. The market for SFHs (particularly large suburban ones with home offices) is exploding. I'm seeing some in Mountain View and the SF peninsula go for ~$350-500K (up to 15-18%) over asking.