The United States’ office property sales volume was up 25% in 2025 compared to 2024, with buyers targeting both well-leased, high-quality assets and traditional office spaces poised for repositioning. Office CMBS delinquencies have edged higher as we entered 2026 as well. Taken together, these figures point to a market undergoing adjustment, where changes in building ownership are becoming more common.
If the building where you lease has changed hands, what can you expect to happen to your office lease? In most cases, there won’t be any immediate changes. However, commercial tenants should be aware of a few implications of ownership changes and take appropriate actions to protect their interests.
What to know about building ownership changes
Tenants should pay particular attention to these four areas of concern when there has been a change in building ownership:
#1 Know your new ownership
Tenants should understand the identity and objectives of your building’s new owner, as different ownership groups will have different investment goals and property management strategies that will impact your experience as a tenant. Is the new owner a local or institutional landlord? What is their portfolio of holdings? What’s their financial position?
Institutional landlords typically emphasize stability, favoring minimal changes and consistent lease renewals. Conversely, private or opportunistic owners may pursue renovations or redevelopment to enhance asset value, which can affect lease renewal opportunities and overall tenancy. By gaining insight into your landlord’s investment approach, you can better anticipate potential changes to lease terms, renewal prospects, and occupancy strategy.
#2 Understand your rights as a tenant
Tenants should have a clear understanding of their rights and obligations under the lease, including provisions such as quiet enjoyment; subordination, non-disturbance, and attornment; and operating expense responsibilities for both parties.
While a change in ownership does not alter the landlord’s obligation to honor existing leases, tenants should remain vigilant. In rare circumstances, such as receivership or foreclosure, there may be interruptions in standard services like common area maintenance, janitorial, or repairs. By thoroughly reviewing your lease structure and remedies available in the event of landlord default, you can proactively safeguard your interests and maintain business continuity.
#3 Determine the impact of planned capital expenditures
Determine whether there are any planned capital expenditures on the property, as these could be passed on to you as a tenant and affect the property from both financial and operational standpoints.
#4 Learn about changes to operating expenses
Be aware of potential changes in property management, insurance, and common area maintenance (CAM) charges, as these may impact your total occupancy costs.
Two ways tenants should take action
If the building you operate out of has changed hands, you have an opportunity to assess your lease and real estate needs to position yourself for any changes.
#1 Lease abstract
Consider having a commercial real estate professional prepare a comprehensive lease abstract to clearly summarize the key business and legal terms of your lease. A lease abstract distills complex lease language into an easy-to-reference document, capturing critical provisions such as rent structure, expense responsibilities, renewal options, termination rights, and key dates.
A well-prepared lease abstract helps tenants fully understand their obligations and rights under the lease, supports internal decision-making, and serves as a reliable reference for budgeting and strategic planning. Our real estate consultants recommend a lease abstract when onboarding a new lease, evaluating renewal or relocation options, during ownership or management changes, or anytime a clear, concise understanding of lease terms is needed.
#2 Planning your future
A change in ownership can be an opportunity for you to reevaluate your real estate strategy. We recommend you assess whether your current footprint supports operational needs and long-term objectives. Depending on your position as a tenant, you may be in a position to negotiate favorable terms with the landlord, such as through a “blend and extend” strategy or a flexible renewal.
Proactive review of space utilization, cost structure, and potential consolidation or reconfiguration — at least two to three years in advance of a lease expiration — can provide time to optimize expenses and position the organization for change. In today’s evolving market, adaptability and strategic planning are essential for maintaining financial health and supporting workforce needs.
Conclusion
Changes in building ownership rarely have big, immediate impacts on tenants, but they can directly affect your lease terms, occupancy costs, and future space planning. By understanding your new landlord’s objectives, reviewing your lease rights, and proactively assessing your real estate needs, you can position your organization to respond effectively and protect your interests in a shifting market.
If you’d like help assessing your current lease and considering your overall real estate strategy, Plante Moran Realpoint can help. We offer tenant representation across asset classes with a consultative approach that provides clients with holistic market due diligence rather than simply pushing a transaction. Contact our team for a consultation.
If you liked this article, consider signing up for more like it to be delivered right to your inbox.
Information contained in this article is provided, in part, from third-party sources, including CoStar Group and Trepp. Even though obtained from sources deemed reliable, no warranty or representation, expressed or implied, is made as to the accuracy of the information herein. The information in this article is provided for informational purposes only. Please talk to a real estate professional for advice specific to your circumstances.
