Availability continues to tighten, particularly in the CBD.
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Overall and Class A asking rents decline, rates vary by submarket.
Availability tightens in Philadelphia’s CBD, options plentiful in Wilmington.
"The Savills Legal Tenant reviewed law firm activity over 20,000 square feet (sf) through the first half of 2019, tracking transactions across key U.S. markets."
"Halving the real estate expenses of a nationally ranked law firm while securing office-by-office buy-in for new office space standards is a tall order. Wilson Elser Managing Partner Robert Roarke steers the Am Law 200 firm’s Real Estate Strategy Committee. The Committee is developing a metrics-based process to determine how it will use office space more efficiently in the future. The effort is already paying dividends."
"The Savills Studley Legal Tenant reviewed law firm transactions over 25,000 square feet in major markets across the US, spanning January 2016 to present. Our list, which can be seen in full by clicking below, includes 189 new leases and renewals, as well as expansions, extensions and subleases."