A U.S. tax system overhaul could work out well for investors in commercial real estate, according to a new analysis from Bloomberg.

“U.S. commercial real estate is a likely winner in the evolving Republican tax overhaul, which is poised to lower rates for property owners and spur new investment,” according to the article. 

The bill is “likely to benefit retail landlords by lowering taxes on companies that rent space and leaving consumers with more discretionary income to spend…Office landlords are likely to see more-modest gains. While corporate tenants are key beneficiaries of the tax plan, they’re likelier to return tax savings to shareholders than to increase spending,” said Revathi Greenwood, head of Americas research for Cushman & Wakefield. The tax overhaul could benefit the office sector by discouraging companies from moving their headquarters abroad to save on taxes, he said.

Many expect the tax plan to be signed into law by the end of the year.