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Law Firms Continue to Densify

CBRE VP David Kleinhandler, who has worked in this sector for more than a decade, does not see this trend swinging the other way in the near future.

David Kleinhandler, SVP at CBRE David Kleinhandler, SVP at CBRE

NEW YORK CITY—Blue chip law firms are traditionally good tenants, paying top dollar for prime locations, staying 15, 20, even 40 years in the same offices. They hold a healthy share of the real estate market. As of Q3 2018, CBRE recorded law firms in Manhattan occupy 36 million square feet, roughly 10% of the borough’s occupied office space.

CBRE’s legal market report also indicates the Am Law 100 firms, the 100 top-grossing firms in the country as ranked by GlobeSt.com’s sister publication, The American Lawyer, are contracting square footage per lawyer.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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