Lease expirations are a tense time for landlords. Do they increase the rent to improve NOI or offset increased operational costs? Keep it flat? Lower the rent to retain tenants? Or leave a space open and hope for a new tenant at a better-asking rate?

Data from Trepp suggests that many CRE landlords will face those questions in 2025 as more than 265 million square feet of leases are set to expire. Depending on the answer and the following events and markets, the results can be a positive or negative change in cash flow and NOI, which together can have implications for profitability, marketability, and financing.

The impact varies on the property type and the conditions of their particular markets, macroeconomics, local considerations, and lease durations. A hotel turns over space in days. Multifamily is in months or years. Retail, office, and industrial typically in years up to decades.