BY THE NUMBERS
CHICAGO—The overall trend toward smaller, more efficient workspaces took a bit longer to influence law firms, but lately an increasing number have embraced the new philosophy. In Chicago, 65% of transactions between the first quarter of 2016 and this year's second quarter have resulted in a contraction of space, according to a new report from CBRE. Firms reduced their footprint by 23% on average, a bit lower than the national average of 27% in the same period. The second-most active market tracked in the study, Chicago experienced 1.6 million square feet of leasing activity in this time frame, with 90% of the transactions listed as renewals. “One of the most efficient ways for law firms to reduce their operating costs is to address their office space costs,” says Todd Lippman, vice chairman with CBRE. “By really examining their space needs, many firms are reconsidering long-held assumptions about how their attorneys work.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
