More than two trillion dollars of CRE debt matures this year, and the sale-leaseback market grew 18% in 2025. Both trends are pushing termination and buyout clauses out of boilerplate and into the center of the negotiation.
Construction input costs are up 7.1% year over year. The provision that decides who absorbs that is a two-page exhibit at the back of the lease that most negotiations treat as an afterthought.
Eight hundred and seventy-five billion dollars of commercial mortgages mature this year, and most of them will be met with an extension rather than a payoff. The extension is where a non-recourse loan quietly stops being non-recourse.
For eight years the operating expense clause did one job: move rising insurance premiums from landlord to tenant. Premiums are now falling, and the clause does not run in reverse.
The most valuable sentence in a data center lease is the one about electricity. Whether it is a condition or a promise decides who eats a two-year delay.
Every week your negotiation drags on is another chance for economic shifts, black swan events, or cold feet to kill the deal.
