Law firms see asking rents drop

While their larger counterparts are laying off attorneys as the recession continues, small law firms are increasing staff, according to a second-quarter report from real estate firm UGL Equis that looks at law firm real estate. But the personnel growth has not meant additional real estate transactions for law firms, the report said. The report also said that law firms occupying 5,000 square feet or more saw a 4.57 percent decrease in average asking rent. The average asking rent for law firm space is now $70.92 per square foot, more than $10 higher than the average per square foot cost of Manhattan office space overall. The largest law firm real estate transaction of the quarter was Wachtell Lipton Rosen and Katz’s renewal of 240,930 square feet at 51 West 52nd Street, according to the report. TRD