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.
© 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.
What you see in this dashboard is just one slice of our data.
Explore the basics here, and then to get a look behind the curtain, reach out. One of our analysts would love to walk you through the entire set of data which includes additional layers such as amenities, industries, classifications, sustainability factors and more.
Reach out to discuss how this data impacts your real estate strategy
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