CBRE experts provided insight into the latest statistics and micro to macro trends in the major gateway markets. Key takeaways include:
- The commercial real estate market is cyclical, and despite the current downturn being driven by an external shock, this time is no different.
- The office market is under stress, with muted leasing and rising vacancy as tenants are exercising caution amidst an uncertain outlook around the future of office demand.
- The legal sector has proven resilient throughout the pandemic-led recession and has more certainty around the role of the future office.
- What is a challenge for the office market overall could turn into real opportunity for law firms.
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Eric Willett, Director, Research & Analysis, Los Angeles, CBRE
Matt Vance, Director, Research & Analysis, Chicago, CBRE
Nicole La Russo, Director, Research & Analysis, New York, CBRE
Ian Anderson, Director, Research & Analysis, Washington, D.C., CBRE
Lou Christopher, Vice Chairman, Law Firm Practice Group, CBRE
Julie Whelan, Global Head of Occupier Research, Americas, CBRE
Real Estate Market Outlook & the Implications for the Legal Sector
November 11, 2020