Midtown Manhattan on January 8, 2024. Photo: Ryland West/ALM Law Firms Paid More for Less Space in 2023 as Downsizing Trend Continues
Prices per square foot went up nearly 5% in 2023 as law firm leasing activity peaked in Q4.
March 27, 2024 at 09:00 AM
3 minute read
What You Need to Know
- A majority of Am Law 200 firms reduced their real estate footprints in 2023, and most firms paid more per square foot than they did in 2022.
- Competition for commercial real estate is heating up as the legal sector finished 2023 with its busiest quarter in leasing activity since late 2019.
- Still, roughly 42% of the Am Law 200 took more space in 2023.
- Larger firms had more success in controlling costs per square feet.
Speaking to The American Lawyer earlier this month from his office in downtown San Francisco, Morrison & Foerster chair Eric McCrath remarked on the firm's shifting vision of a lawyer's office.
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