Credit: David/Adobe Stock The Need to Optimize Real Estate
Law firms are utilizing less than half of their real estate. Kastle Systems reports that as of March 2023, the overall office occupancy rate is 48%, with the occupancy rate for law firms varying around that, ranging between 26% to 50% of their space for most firms. See, Colliers 2023 Law Firm Office Markets North America Report. With the average law firm spending 10.5% of gross annual revenue on real estate (see, Cushman & Wakefield 2023 Bright Insights), this overhead expense is significant — and not utilizing half or more of it is of enormous concern.It's Hoteling, Not Moteling
Hoteling has a negative connotation in the legal industry as little has been done to make the experience reliable and something to look forward to. The fact is, hoteling has worked very well in other industries for many years, and lessons learned here can help law firms.
November 08, 2023 at 04:33 PM
7 minute read
Law Firm Management
Credit: David/Adobe Stock
The Need to Optimize Real Estate
Law firms are utilizing less than half of their real estate. Kastle Systems reports that as of March 2023, the overall office occupancy rate is 48%, with the occupancy rate for law firms varying around that, ranging between 26% to 50% of their space for most firms. See, Colliers 2023 Law Firm Office Markets North America Report. With the average law firm spending 10.5% of gross annual revenue on real estate (see, Cushman & Wakefield 2023 Bright Insights), this overhead expense is significant — and not utilizing half or more of it is of enormous concern.
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