The conventional wisdom seems to be that the pandemic, and its impact on work patterns, will significantly alter real estate markets in the form of office space contraction. As more workers work entirely from home or in hybrid home/office situations, the argument goes, office tenants may begin to look for language in their leases that allow them to reduce the space they rent for their workforces. But has such a change taken place in the years since the first lockdowns?
In our latest real estate provisions study, we endeavored to answer this question by examining the role that tenant termination and contraction rights can play in office lease agreements. We used Kira, Litera’s machine learning contract analysis solution, to quickly analyze a set of over 200 office leases dating from the start of 2020 through June 2022.
Download the study to learn more about:
- How unilateral tenant termination and contraction rights impact lease parties in today’s market;
- The prevalence of unilateral tenant termination and contraction rights before and after the global pandemic; and
- Leveraging machine learning to identify risks, trends, and opportunities for landlords and tenants alike.