A shifting dynamic is unfolding in the U.S. office market as corporate occupiers increasingly become property buyers, filling a void left by cautious institutional investors. Companies across sectors — particularly tech — are capitalizing on deep discounts in a distressed commercial real estate environment to secure long-term control over their workspace.

Corporate Buyers Seize Opportunity

Major players like Apple, Amazon, LinkedIn, and Bet365 have collectively spent over $1 billion in recent months to acquire office properties they already occupy. This marks a strategic departure from the traditional lease model, with companies choosing ownership to gain greater operational control, shield themselves from volatile leasing markets, and lock in future costs.

A Growing Share of Office Transactions

What was once a niche segment has gained substantial traction. According to Site Selection Group, owner-occupier purchases now account for nearly 30% of all office acquisitions — a significant jump from pre-2022 levels. JLL similarly notes these deals made up 20% of office transactions in Q1 2025, still well above historical norms. This uptick is partially offsetting the broader weakness in the office sector, where total U.S. sales volume has plunged 55% year-over-year as institutional capital largely sidelines itself.

Why Now?

The motivation for many companies is clear: with office loan distress mounting — nearly 47% of all troubled commercial real estate loans are tied to office properties — acquisition opportunities are available at heavily reduced prices. Beyond the financial upside, buying their buildings allows businesses to customize and control their work environments while avoiding unpredictable lease renewals and market fluctuations.

Institutional Exit Creates an Opening

Large investment firms, REITs, and private equity funds remain net sellers in this environment, weighed down by looming debt maturities and increasingly conservative lending standards. As they retrench, corporate occupiers — initially consolidating operations during the pandemic — are now using their balance sheet strength to expand through ownership.

Market Stress Remains

Despite this wave of corporate purchases, the overall health of the U.S. office market remains fragile. Savills estimates over $2.2 trillion in commercial real estate debt will mature by 2027, with office properties making up nearly half of all distressed loans. As defaults rise, the market is likely to see more deed-in-lieu agreements, foreclosure sales, and steeply discounted assets hitting the market.

➝ THE BOTTOM LINE

In a market once dominated by institutional capital, owner-occupiers are emerging as critical players. Particularly in tech, firms with liquidity and long-term vision are buying office assets for operational control and strategic advantage. As more distressed properties surface, future transactions may be led less by traditional funds and more by the next generation of tenants-turned-owners.