Law Firms To Blame In Part For NY Leasing Pullback: Brokers

Law360, New York (February 10, 2012, 5:00 PM EST) -- Financial services giants and law firms alike have been leasing less office space in New York over the past few months, which has depressed overall leasing activity in some neighborhoods, two veteran New York brokers said Friday.

The brokers said that continued economic uncertainty and an overabundance of excess office space were the main contributors to the pullback.

A report released Thursday by commercial real estate service firm CB Richard Ellis Group Inc.'s New York office noted that January office leasing activity in Manhattan's Midtown neighborhood...
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