Pennsylvania’s largest law firms had above-average financial performances in 2015, often driven by blockbuster years for their real estate practices. While real estate lawyers are still largely bullish through at least 2016, there are signs of a slowdown on the horizon, and the question now becomes how to replicate what was at times double-digit growth.
Real estate attorneys cited to 2015 as a continuation of strengthening in the industry since its collapse in 2008, with last year in particular showing activity across all segments of the industry. There was a slowdown, however, in the last quarter of 2015 and the first quarter of 2016, driven largely by a shrinking of the commercial mortgage-backed securities market that was quite active in the earlier part of 2015, attorneys said. Some concern over increasing land values, growing construction costs and a possible saturation of the multifamily market could give a boost to deals in the short term but signal a slowdown in the longer term, attorneys said. That coupled with uncertainty in the upcoming presidential election could affect the real estate market for 2016 and beyond.
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