How subletting can revitalize your law firm’s vacant space
Vacant commercial space benefits no one, particularly in a thriving commercial market like Denver offers
By Jordan Deifik and Jay Kamlet
When clients and opposing counsel walk past dark, empty offices, they receive a message that a law firm is struggling financially, even if it isn’t.
Vacant commercial space benefits no one, particularly in a thriving commercial market like Denver offers. Office space rent increased 21% between 2012 and 2017 nationally, according to Inc. Magazine, and Denver has tracked those numbers. With the rise in rents, law firms with unused space spend a surprising amount of money every month to maintain offices that sit vacant. In fact, the 2018 Cushman Wakefield National Legal Sector Benchmark Survey suggested that real estate is, “the No. 1 expense to law firms other than salaries.” This being said, in a competitive legal market, leveraging unused office space to promote a better bottom line for large law firms is more important than ever.
