Law Firms Cautious on Adding Office Space

With the Dow Jones Industrial Average hitting record highs, home prices rebounding and interest rates remaining low, observers are watching to see when the office market will join the recovery. It might be a while. Experts believe that law firms, which take up about 17 percent of all U.S. office space and are typically the takers of the newest and best space in large markets, will remain cost-conscious and occupy less space than in previous years. “Our research people have told us that law firms will now be taking 25 percent less space on average,” says Elizabeth Cooper, an international director for brokerage with Jones Lang “I don’t think we’re going to see a day soon of a law firm taking excess space. It’s now all about being lean and mean.” The National Real Estate Investor has the story.