While office leasing activity continues to rebound in key growth markets, another trend has quietly accelerated in 2025: office distress has reached its highest level in more than a decade. With CMBS special servicing rates climbing and refinancing challenges mounting, more office buildings are entering periods of financial uncertainty.

For tenants, a landlord’s distress doesn’t mean business stops — but it does change the landscape. Slower decision-making, deferred capital improvements, ownership transitions, and evolving negotiation dynamics can all impact occupancy strategy.

Click here to read our latest article by David Harris, where he breaks down:

• What “special servicing” and receivership actually mean for tenants
• How lease obligations are affected (and protected) during distress
• Why SNDAs matter more than ever
• Practical strategies tenants can use to manage risk — and identify opportunity

Distress creates uncertainty, but informed tenants can stay protected and even leverage favorable outcomes with the right planning and guidance. At Trinity Partners, our Occupier Services team works alongside tenants throughout the life of their lease — helping them understand risk, protect their interests, and stay proactive in an evolving office market.