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NYC law firm market trends

​New York-area law firms are facing several challenges when it comes to finding suitable leasing options.

Rising construction costs have made short-term renovations less desirable, and a lack of large-block availability is another key concern.

How are top firms tackling this market?

Our Vice Chairman Lisa Kiell explores opportunities, challenges, and design-driven solutions in this video series.


new york law firm office design


Research deep dive

For a more in-depth look at the current landscape for law firms in New York, download the 2015 New York Law Firm Outlook (published October 2015). 


Overview and opportunities

A big opportunity we’re seeing for New York law firms today is in getting rid of surplus space after right-sizing. There’s a strong market for built law firm space for smaller firms and those new to the city.

Looking to the future, we expect a moderate 2-3 percent annual rent increase in law firm-favored buildings. The amount of space coming on market from relocations and new construction should keep rental growth at a moderate level.



Challenges

What real estate challenges do New York City law firms encounter in their current office spaces? Largely driven by the new ways in which law firms operate, we explore possible next steps to make your offices better suited for today’s workplace dynamics.



A potential solution

Perhaps the greatest opportunity for New York area law firms is to better take advantage of their own spaces. How can firms make their workplaces more agile and responsive to future needs? Here we take a look at the flexibility factor in law office design.