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Steve Bay Steve Bay

Los Angeles is the second largest US metro for law firm employment and it ranks number three for law firm real estate transaction activity, according to a new report from CBRE. Law firms are changing their workplace strategies in response to new technology, and many are downsizing or right sizing their office space. Los Angeles saw 1.1 million square feet in law firm transactions from Q116 to Q217, and 36% of those transactions were contractions, while 36% were stable and 28% were expansions. We sat down with Steve Bay, vice chairman at CBRE, for an exclusive interview to talk about the transaction activity for law firm real estate and how firms are changing their workplace strategies.

GlobeSt.com: Why has there been an increase in law firm transaction activity?

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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