I have noticed this as well, companies leaning on the sunk cost fallacy to feel more comfortable throwing away the rent by having the office occupied. In the end its much better for companies if office rents fall substantially, so why fight it?

In general there tend to be conventions around lease durations, and in a hot market you don’t have much bargaining power to change the terms. The better the tenant, the more leverage you have though.

In general the risks of locking into long duration contracts needs to be weighed carefully, as we saw with SVB