Have seen both sides of the story when it comes to tenants and holding companies/landlords.
Most commonly, the landlord is overvaluing their property and tenants leave because it becomes no longer a profitable situation. Then the tenant moves out and the space sits vacant for 1-2 years. Well, that didn’t go so well for the landlord, did it? But that is common with big holding companies. Logic is not applicable with them.
From a logic standpoint: If the landlord thinks they should get a higher rent but the tenant is not willing. Give the tenant 6 month extensions until the space is leased out. Landlord gets the higher rent on next tenant but doesn’t lose rent with space sitting vacant.
Another issue is overvalued property where profitability over the long haul is not sustainable for a chunk of businesses. Again, holding companies would rather have vacant spots than adjust. The hotel industry model does pretty well with adjusting to demand. An empty room is zero income generated. A discounted room is better than a empty room.