After a bump in contract renewal activity in 2020 and 2021, new leases for law firm space outpaced renewals
This has been observed in more mature markets, such as the American one, but the tendency is for the movement to be reflected in other markets.
Work strategies for law firms have changed considerably as associates' preferences have changed and new work formats have consolidated.
Right now, law firms are increasingly looking for flexible and sustainable workspaces that can accommodate new technologies and support the well-being of their lawyers and other professionals.
Leasing activity has recently increased in the US and is above pre-pandemic levels. In addition, companies have shown a preference for high-end office spaces and have forgone renovations to obtain them.
How the workplace is changing
• Space allocations and changes
• Staff/shift efficiency and career growth models
• Rethinking the office
• Digital Transformation
Occupational trends in the legal sector
• Previously less representative markets have increased the share of leasing activity: recently companies have grown their footprint more substantially
• Businesses look to reduce square footage and optimize space
• The importance of flexibility and autonomy over where and when associates work has grown since the start of the pandemic
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