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Law Firm Leasing Drops During COVID-19
Law firm leasing activity has ground to a near halt in New York, while law firms wait out relocation decisions and redesign their current spaces to prevent the spread of the coronavirus.
Overall, the pandemic will likely result in long-term changes for law firm offices, says Jeffrey Peck, a real estate adviser to law firms and a vice chairman at Savills. While law firm leasing activity will eventually pick up, firms may decrease their overall footprints, taking up 10% to 15% less square footage, he says, because some people will continue working from home.
"There's very much a wait-and-see attitude as to what percentage of the workforce is coming back to the office," Peck says.
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