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WHAT WE’RE WATCHING
TOO DAMN HIGH – Leases covering some 8.5 million-square-feet of law firm office space in Manhattan are set to expire between 2021 and 2024, setting up a round of musical chairs in the city—and placing additional pressures on firms as rents continue to increase. Patrick Smith reports that law firm rent rates in Midtown rose 15% in the first half of 2019, according to CBRE. It’s worth noting that 80% of the top 25 firms by square footage occupancy are located in that part of the city.
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