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Big Law In NYC Looking for Smaller, New Class A Spaces
More law firms are signing office leases in Manhattan this year, as firms commit to attendance policies and look for efficiencies in office space. Some of the latest lease transactions include Covington & Burling, which signed for a new office at Hudson Yards, and Willkie Farr & Gallagher, which renewed its headquarters space, according to brokers.
Overall this year, law firms have been more likely to leave their current spaces and relocate, but they continue opting for smaller spaces, according to leasing data from real estate firms Savills and Cushman & Wakefield.
Looking at the second quarter, Manhattan saw 24 leasing deals involving firms and legal services organizations totaling 873,859 square feet, up from the first quarter, which had 17 deals totaling 496,640 square feet, according to Savills.
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