The anticipation is not that it’ll hurt the tech companies, but the economy as a whole. A generalized economic slowdown impacts everyone, even if you specifically benefited from it.

If I could tell you exactly how it’ll unfold, I’d be using that to make a lot of money instead. It’s not even certain that it will happen.

Commercial real estate was for a long time a roughly predictable investment, and profitable.
Now profitability is severely reduced because people, including tech companies, are cutting their usage.
If the market collapses, it’s unclear how far down it’ll drag the economy, so companies are bracing for it to be bad.