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18 August 2017 at 08:45 BST

Washington DC law firm shrinkage bad news for property market

Law firm shrinkage has led to Washington DC's largest oversupply of office space in years

Wasin Pummarin

According to the National Law Journal, around 6.5 million square feet of office space is empty as law firms shrink or move offices. About 40 per cent of AM Law 100 law firms have downsized, merged or moved, CBRE said. However, 11 Am Law 100 firms in the city expanded their footprints in the past year, including Kirkland & Ellis, Cleary Gottlieb Steen & Hamilton, Venable and Boies Schiller Flexner. CBRE analysts say 67 Washington law offices are set to either renovate or move their offices in the city in the next seven years. The empty space will make commercial property more affordable.  

 
   
 
 
 

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