Lawyers See More Redoing of Office Leases
Harold S. Dembo, a Principal in the firm's Real Estate Law group, was interviewed by the Chicago Daily Law Bulletin about how lawyers were seeing an increase in the renegotiation of office leases in early 2011.
Base rents for commercial office space in Chicago may be stabilizing, but there is a "major uptick in subleasing and lease modification," according to Harold S. Dembo, vice chair of the real estate group at Much, Shelist, Denenberg, Ament & Rubenstein P.C.
"I believe we're bottomed out" on rents, said Dembo, who has been doing real estate law for 30 years.
"The stress on landlords and tenants in 2008 and 2009" during the economic downturn, "was the worst it's ever been," he said. "I think we're slowly coming out of that."