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Right-Sizing Law Firms Boost Transaction Activity

Los Angeles is ranked number three in the nation for law firm real estate activity, but more than a third of the transactions are contracting leases.

By Kelsi Maree Borland | Updated on November 07, 2017

Steve Bay Steve Bay

Los Angeles is the second largest US metro for law firm employment and it ranks number three for law firm real estate transaction activity, according to a new report from CBRE. Law firms are changing their workplace strategies in response to new technology, and many are downsizing or right sizing their office space. Los Angeles saw 1.1 million square feet in law firm transactions from Q116 to Q217, and 36% of those transactions were contractions, while 36% were stable and 28% were expansions. We sat down with Steve Bay, vice chairman at CBRE, for an exclusive interview to talk about the transaction activity for law firm real estate and how firms are changing their workplace strategies.

GlobeSt.com: Why has there been an increase in law firm transaction activity?

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