This week saw some encouraging legal news for the commercial real estate industry. For Biglaw associates who overwhelmingly support remote work policies, perhaps not so much.
According to data from Savills, law firms that use more than 20,000 square feet of office space leased 2.1 million square feet in large markets in the third quarter of 2021. This marks the highest quarterly total of the pandemic era, and a 51% increase from the previous quarter.
Savills’ experts told Law360 the increase signals a bet among law firms that lawyers can be convinced to return to the office, along with firms’ “renewed interest in long-term commitments” to physical office space.
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We do have it on good authority, however, that persuading many to willingly come back will be challenging, particularly if they have other options.
For continued updates on office reentry, check out our Great Law Firm Reopening Tracker.
Savills US Law Firm Activity Report Q3 2021 [Savills]
Law Firm Leasing Reached Pandemic-Era High In Q3 [Law360]
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Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.