BY THE NUMBERS
CHICAGO—The overall trend toward smaller, more efficientworkspaces took a bit longer to influence law firms, but lately anincreasing number have embraced the new philosophy. In Chicago, 65%of transactions between the first quarter of 2016 and this year'ssecond quarter have resulted in a contraction of space, accordingto anew report from CBRE. Firms reduced theirfootprint by 23% on average, a bit lower than the national averageof 27% in the same period. The second-most active market tracked inthe study, Chicago experienced 1.6 million square feet of leasingactivity in this time frame, with 90% of the transactions listed asrenewals. “One of the most efficient ways for law firms to reducetheir operating costs is to address their office space costs,” saysTodd Lippman, vice chairman with CBRE. “By reallyexamining their space needs, many firms are reconsidering long-heldassumptions about how their attorneys work.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
