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News release

RICHMOND, VA

Richmond Market Bucks National Trend Toward Legal Sector Downsizing

JLL’s Law Firm Perspective Shows Modest Recovery for Inflated Availability Rates in CBD


RICHMOND, VA, NOV. 17, 2014 - The Richmond market is bucking a national trend toward significant office space reductions in the legal sector, according to a newly released Law Firm Perspective report from JLL.

Rightsizing moves have been behind 15 of the top 17 law firm office leasing transactions nationwide in 2014, JLL's report says, and law firms have been giving up an average of 17 percent of their space in relocations.

Richmond, however, has seen an influx of new leases and expansions in the legal sector, which has helped deliver a modest recovery to the Central Business District.

"Richmond has largely avoided the major reductions seen in many other markets nationwide," said Charlie Polk, Managing Director, JLL. "The market only has a few blocks of Class A space available. The repurposing of historical office buildings downtown, where most law firms are concentrated, has fuelled year-to-date leasing volume."

Law firms account for a little less than 15 percent of Richmond's office market occupancy, and five firms occupy more than 50,000 square feet in the market. Many of the market's largest law firms have engaged in a wave of renewals in the past few years.

Even with the sector's growth, law firms looking for space in the Richmond market are able to leverage multiple relocation options to gain significant concession packages.

"McGuire Woods and LeClair Ryan will relocate and downsize in 2015 which will add significant blocks of space to the market," added Polk.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​