The company has gone fully remote again for at least the next four weeks, as it moves offices from its home of 15 years at“In the old days, you would have to do this move over a long weekend and have people working literally around the clock,” said Lawrence McMichael, the law firm’s
But next year, downtown Philadelphia will see the highest number of expiring leases between now and 2030, covering 1.6 million square feet, according to JLL and business advocacy group The pandemic and its aftermath hastened space reduction in a sector that once boasted amenities like in-house law libraries. These are now being shed, along with other traditional accoutrements.. It now inhabits 305,000 square feet, down from a previous 430,000 split across two buildings. The firm’s former headquarters at 1701 Market St. is
“We don’t need separate offices for five lawyers that are working from home,” McMichael said. “We need one office for the five lawyers who are working from home, and they can share it.”“We will settle into One Liberty first and see how things go before making any changes,” McMichael said in a follow-up email.
The Colliers report noted that tenants of all kinds are leasing less than they used to: “a ‘large deal’ now typically means one or two floors rather than an entire building,” the authors said.That doesn’t mean industry experts are prophesying doom. If anything, given some of the projections during the pandemic about the future office market, the situation looks better
Although some of Brandywine’s new tenants may be downsizing, they are doing so by relocating from struggling buildings or submarkets to areas like Center City’s West Market Street,raise rents over the last two years, he says, and kept occupancy above 90% in the city.