As people return to work in office buildings following the COVID-19 stay-at-home orders, tenants may be envisioning a new normal — one in which fewer people come into work at any particular time, less office space is needed due to downsizing or more work from home opportunities, or the office space needs to be physically altered to allow for social distancing. In this new normal, landlords may be requested to modify existing leases prior to their full term.

How can landlords balance the changing needs of tenants with the economic realities of needing to have the space leased? Landlords will want to consider the following options to keep current tenants intact or reduce the financial ramifications if the tenant needs to step back from its current office footprint.

Assignment or Sublease of Existing Lease

One option is for a landlord to agree to assign the space to a new tenant under the existing lease.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. NET LEASE Fall 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.