It’s one indicator of economic health out of many. Unlike many other assets, real estate is immovable. So it has a strong association with the location.

Yes, work from home is a good argument, why falling office prices might not be a big deal. The question then becomes, is this trend more pronounced in Germany than in other countries? Maybe, but probably not.

Also unfortunately the article mentions Signa (commercial) and vonovia (residential) real estate. So there’s no clear separation. But overall the trend is true for both.