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New York & Tri-State  + New York  + Office  |  March 18, 2024
The Green Street Commercial Property Price Index decreased by 0.8% in June from the previous month, with "sizable bid-ask spreads" a major factor
Emily Fu
By: Emily Fu

Law Firm Office-Leasing Hits Milestone in ’23 

In 2023, U.S. law firms leased 16.9 million square feet, marking a post-pandemic high and exceeding pre-pandemic levels, according to a report from Cushman & Wakefield.  

This robust leasing, amid a broader market slowdown, reflects the legal sector’s resilience and confidence in office space utilization. John McWilliams of Cushman & Wakefield attributes this trend to increased office attendance and greater certainty, prompting longer-term leasing decisions.  

Notable relocations, like Paul, Weiss, Rifkind, Wharton & Garrison LLP’s deal for 765,931 square feet in Manhattan, signal the sector’s rebound. Law firms prioritize top-tier buildings, intensifying competition for premium assets and leaving lesser-desirable spaces vacant. Evolving workspace needs, driven by technology adoption, influence office configurations, emphasizing efficiency and flexibility. 

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Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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