Nicole Fry, Partner in Benesch's Real Estate Practice Group, was quoted in The Real Deal about President Trump's initiative to reduce the federal government’s workforce and office space in an effort to save taxpayer dollars—a plan expected to face challenges in Chicago.
Experts pointed out that, while leases set to expire may be vacated, terminating active contracts could be more difficult. Government leases are typically long-term and come with strict, costly cancellation policies. Additionally, selling federally owned properties presents its own set of challenges, as many are outdated, serve niche purposes, or involve security concerns.
“It seems the federal government has tackled the low-hanging fruit by terminating leases that were likely easier to end and already nearing expiration,” said Fry.
View the full article here.