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Law Firms Taking Advantage of Tenant's Market In Office Space
Law firms are waiting to see how new trends like working remotely play out for office space post-pandemic, but that wait-and-see approach has created a tenant's market with opportunities for proactive firms in the short term.
That's according to a new report from commercial real estate firm Newmark that captures a snapshot of law firms' current approach to office space leasing in major markets like New York, Washington, DC, Chicago and Los Angeles — and what could be in store post-pandemic. (See, U.S. Law Firm Real Estate Trends: Their Recent Evolution and What to Expect Post-COVID.)
Despite ongoing social distancing concerns, the pre-pandemic trend of firms shrinking their office space footprints is likely to continue, says Bethany Schneider, a Newmark research director who authored the report, drawing on conversations with the firm's legal industry tenant representatives and workplace design specialists.
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