BY THE NUMBERS

CHICAGO—In the third quarter of 2016, the sublease market in Chicago's CBD increased by 295,991 square feet, bringing the total amount of available sublease space up to 4.12 million square feet, according to a new report from MBRE. Although this is the first time there has been more than four million square feet of sublease space on the market since 2009, the company says a closer look at the data indicates that the current supply is not alarmingly high in comparison to past market cycles. In 2001, for example, the amount of sublease space spiked to 6.16 million square feet after the dot-com collapse and 9/11. And the inventory contained more than four million square feet for the next three years.

CHICAGO—Large Chicago law firms, those occupying 75,000 square feet or more, continue to downsize office space, according to CBRE's new Chicago law firm report. In the past two years, approximately 80% of these firms have shrunk their office footprints due to new workplace strategies. According to the report, the average square feet per attorney currently occupied by the 25 largest law firms is about 1,000 square feet. However, most of these firms are aiming to downsize to 750 square feet or lower per attorney. To achieve this, the firms plans to standardize to one or two office sizes, eliminate law library space through digitization of paper records and create open floor design areas that allow for more efficient use of space. Law firms are also changing standard held-vacancy practices as they plan for less growth.