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DOGE Plan to Cut Office Leases Could Strain US Real Estate
Posted
March 1, 2025
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3,049
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March 1, 2025
3,049
75
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1:20Now PlayingOn a two-mile stretch of Washington, DC, lies evidence of the pain coming for the already beleaguered US commercial real estate market.
The Trump administration’s Department of Government Efficiency says it has canceled at least four leases in the area. Another three buildings nearby rank among the government’s most expensive office leases expiring this year — making them potential targets for cuts.
DOGE, the cost-cutting entity spearheaded by Elon Musk, claimed on X late Wednesday that it has terminated more than $170 million of leases, focusing on what it says are vacant or underused buildings. That’s likely just the start of real estate cutbacks, raising the prospect of more empty properties — many of them aging and in need of upgrades — for landlords desperate to fill space in the post-pandemic era.
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