Why U.S. Office Tenants Are Becoming Buyers

Owner-occupier deals are gaining momentum in the U.S. in response to falling property values, tighter capital, and a broader economic downturn. Tenants who had been leasing office space are now looking to buy a building outright—at reduced prices and favorable terms—to reap the long-term benefits of property ownership.

According to JLL, these types of acquisitions accounted for 20 percent of total U.S. office sales in the first quarter of 2025—up from 15 percent for all of 2024, Before the pandemic it was only eight percent or less annually.

“With this year’s owner-occupier transaction volume already above 2024’s total, user acquisitions are expected to remain a major force in the office market through 2025,” says Mike McDonald, senior managing director at JLL.