> Does it though? Suppose you can't find a tenant right now because the market is soft but is predicted to improve in a few years.

You'd need perfect information to make a contractual decision on that, and it still has lasting effects.

For instance imagine renting your floors to Pornhub for these 3 years on the cheap because the market it low. Assuming you made the right calculation and demand recovers 3 years later, you'll have to first kick out the company (= months spent restoring it), then try to convince the insurance company that eyes at your building that they should pay a hiked price to move into Pornhub's previous floors.

And that's assuming you haven't completely blown it where the market actually recovers within 6 months for reasons nobody anticipated.