Yes, there are many non-tax reasons to exchange. For example, if you no longer like managing property, you can exchange your management-intensive property for triple-net management free property, or exchange multiple smaller properties for one that can be professionally managed.
Or, if your current property cannot be easily refinanced, you could exchange out of that property for a new property which could be refinanced more easily. In this case, you can take some cash out or maybe exchange to improve cash flow.
