Goodwin’s Redwood city office was a major upgrade from the previous space, clocking in at 20,000 extra square feet. But now, leasing in California’s legal market has slowed dramatically as many law firm offices remain empty. (Photo: Jason Doiy/ALM)
Law firm leasing activity has slowed by nearly a third in the first six months of 2020 when compared to 2019 as the novel coronavirus pandemic forces firms to reckon with how they use office space, according to a report by Savills U.S.
But given that some firms are having a strong year despite the pandemic, the study’s authors note that they may be in a good position to take advantage of a soft market and lock into cheaper, long-term leases.
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