There is a lot of uncertainty with COVID. Some of the proclamations regarding shutdowns may be off base but we really don't know. One thing for sure is many of the ways we have done things in the past can change.
Delivery of course content for an undergrad degree especially can move to an online format and the quality of education would be better. What's the meaningful difference between a first year geography course at Cornell versus the same course an Kansas University. In the old school way there are students in a building at Cornell and students in a building at KU all being taught by a professor or TA info from the same textbook in many cases. In the new model the info taught can be made current and relevant, no need for the physical buildings at a university campus, and a single teacher can deliver the content online to 1000's if that is what society wants.
Universities have major capital investments in buildings and classroom space but a re-purposing of both the education model and whether or not so many buildings are required is coming.