Why Is Law Firm Leasing Lagging in Phila. Compared With Other Major Markets? | The Legal Intelligencer - Law.com
What You Need to Know
- Philadelphia was one of two major markets to see a decline in the volume of square footage leased by law firms in the third quarter.
- Dechert's big lease renewal in Q2 makes the slowdown in Q3 appear more stark.
- But even Dechert's renewal was for a reduced footprint, and other firms are planning to downsize too.
The volume of square footage leased by Philadelphia-area law firms dropped precipitously from the second quarter to the third in contrast to the overall increase across major markets, according to a recent report by Savills U.S.
While 2021’s third quarter saw the strongest law firm leasing volume in top U.S. markets since the onset of the pandemic, amounting to 2.1 million square feet in new or renewed leases or a 51% increase from the second quarter, Philadelphia saw a decline from 190,000 square feet leased in the second quarter to 40,000 leased in the third.
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source: https://www.law.com/thelegalintelligencer/2021/11/01/why-is-law-firm-leasing-lagging-in-phila-compared-with-other-major-markets/
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