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Commercial Real Estate Market Sees Shift Toward 'Densification' As Firms Look Long Term
Real estate executives say the construction of the office of the future is well underway within the legal industry, despite a dip in leasing activity at the beginning of the year.
In the first quarter of 2022, leasing volume in the legal sector totaled 1.1 million square feet, down from the previous two quarters that saw over 1.5 million square feet each, according to a report from commercial real estate brokerage Savills Inc., which analyzed law firm transactions over 20,000 square feet made in Q1.
Yet, according to Tom Fulcher, chair of the legal tenant group at Savills, the first-quarter results are consistent with historical norms. Leasing activity tends to see a burst at the end of the year and a lag at the beginning of the year, he said.
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