Due to COVID-19’s impact, the commercial office market should fundamentally shift in favor of tenants for the next several years. Law firm tenants should find an environment characterized by friendly concessions, options across asset classes and price ranges, and limited competition for space.
Here are some market factors:
- Global office vacancy will rise from a pre-pandemic rate of 10.9% to 15.6% next year. See, https://www.cushmanwakefield.com/en/insights/covid-19/global-office-impact-study-and-recovery-timing-report
- Rents in the United States likely will fall 6.5% this year and 2.3% in 2022. https://www.bloomberg.com/news/articles/2020-09-23/office-leasing-seen-remaining-below-pre-covid-levels-until-2025
- The length of lease terms has dropped to a five-year low. https://www.us.jll.com/en/trends-and-insights/research/office-market-statistics-trends
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