Am Law 200 firms are reducing the total square footage of office space they lease but are paying incrementally more for each square foot, as the firms deal with expiring leases in the post-pandemic ”new normal” where remote work, hot new technology and a desire for community affect law office space needs.
“In general, this is a very good time to be out in the office market, because all of the macro impacts of remote work and other things have created a vacancy rate in most markets,” said David Fries, chief financial officer at Orrick Herrington & Sutcliffe. “But at many of the markets, there’s still a very limited supply of Class A space.”
