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Federal Property Pulse

General Service Administration (GSA) leases and cancellations

Federal leases have a significant impact on real estate markets.

Whether you’re a landlord, developer, or investor, it’s important to assess your exposure regularly. Use the below dashboard to identify risks and opportunities in any region—and reach out to our experts if you want a deeper analysis across your properties and projects.

 

The Federal Property Pulse in the media

Why the Federal Government Is Canceling Office Leases Across Georgia 11Alive Avison Young’s Chris Godfrey explains why the federal government is downsizing its office footprint—canceling 11 leases in Georgia alone—and what this means for local businesses.
Federal government slashes office leases across Georgia Atlanta Journal Constitution “GSA leases are typically very sticky, and I think that has really caused a bit of a rumble effect,” said Chris Godfrey, principal of office leasing in Atlanta for Avison Young.
The Quiet Unwinding of Federal Office Leases Propmodo “The government is finally understanding which spaces they want to keep. Each office needed some time to count how many employees were coming in and now they are ready to make decisions about office needs,” said Tucker White, U.S. Office Lead for Market Intelligence at Avison Young. His team has put together an interactive database of federal leases to help sort out the impact of the reductions.
More Federal Leases Being Canceled LA Business Journal Klaff said Avison Young can project likely future cancellations based on examining which agencies are occupying those leases and whether those agencies are seeing cuts at the federal level. “It allows us to start to formulate narratives about what’s happening in cities where there’s a significant amount of federal density,” Klaff said. “…We are tracking this in every market in the United States and Los Angeles has a significant federal presence.”

© 2025 Avison Young. All rights reserved.  E. &O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.
Sources: Avison Young Market Intelligence, General Service Administration (GSA), Department of Government Efficiency (DOGE)

Terms-to-know

Hard-term
(aka firm-term): The period of the lease where, in most cases, the government is unable to cancel a lease unless the contract is voided.
Soft-term
The non-cancellable lease of the term has expired, but not the lease expiration date. When a lease is in soft-term, the government reserves the right to cancel the lease with a typical notice period ranging from 120 to 180 days. A soft-term lease is riskier than a firm-term lease, since the government can walk away with notice. It may impact property valuation, financing, or lease renewal planning.
Holdover
The lease has expired, but the government tenant is still occupying the space without a formal renewal or extension in place. This typically results in a month-to-month occupancy where the government is paying upwards of 150% of the base rent prior to expiration. However, in some cases, the government can leverage its sovereign immunity to maintain current rates or in rare cases forgo rent as a new lease agreement is negotiated.
 

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Market Intelligence Contacts

  • Profile Image for Tucker White

    Tucker White

    U.S. Office and Life Sciences Lead, Market Intelligence

    Boston, Massachusetts, Pennsylvania, New York

    Research, Market Intelligence

    +1 978 828 5141

  • Grant Hayes headshot U.S. multifamily lead, Market Intelligence Avison Young

    Grant Hayes

    U.S. Multifamily & Client Data Solutions Lead

    Washington, DC

    Capital Markets Group, Multifamily, Market Intelligence

    +1 202 644 8700

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