23 October 2014

Legal downturn hits New York office space market

A combination of lawyers using less office space per head and the effects on the legal sector of the downturn could be leading to a permanent change in the office sector, according to property broker Savills Studley.

By Neasa MacErlean

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Heidi Learner, chief economist of Savills Studley, wrote in a report: ‘Persistent weak employment at law firms could have a notable impact on major office markets, particularly in those locales where law firm employment has typically comprised a sizable fraction of professional and business services employment.’ 

Flexibility

In the same report, Lisa Davidson of Savills wrote: ‘Law firms as a group are, for the first time, really starting to question traditional assumptions about how they use space, who sits where, and how to maximize flexibility to prepare for what the future may bring for their business.’ Source: GlobeSt.com

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