Law Firm Leasing Activity Craters as Industry Rethinks Its Real Estate Footprint
Firms may reduce their square footage by 10% to 15% even after the COVID-19 pandemic subsides, said one real estate adviser.
May 19, 2020 at 10:33 AM
7 minute read
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, said 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 said, 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 said.
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