Midtown Manhattan on Jan. 8, 2024. Photo: Ryland West/ALM Big Law Firms Aren't Downsizing Their Office Space in New York
From the start of 2023 to May 2024, 23 Am Law 200 law firms signed leases totaling 2.83 million square feet in New York City.
July 25, 2024 at 12:20 PM
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The original version of this story was published on New York Law Journal
What You Need to Know
- Seventy percent of firms in the Am Law 200 that signed new leases in New York City in the last year-and-a-half moved to new or similar spaces.
- Most of those firms are moving into buildings that have seen new renovations of $100 million or more.
- The majority of firms continue to concentrate around midtown.
Despite trends showing that many firms in certain areas of the U.S. are reducing their office space, seven out of 10 of Am Law 200 firm relocations in New York since the beginning of 2023 were for similar or more space, according to new data from commercial real estate firm Cresa. This means that only 30% of those moves were for less space.
Among the seven firms that moved to similar space or upsized were King & Spalding; Paul, Weiss, Rifkind, Wharton & Garrison; Wilson, Sonsini, Goodrich & Rosati; Susman Godfrey; Kilpatrick Townsend & Stockton; Greenspoon Marder; and Holland & Knight, said Gregg Cohen, the principal of the New York City office of Cresa.
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