Report | United States Law Firm Perspective - 2014
Mid- to large-sized law firms are still in contraction mode across U.S. markets, giving up roughly 17 percent of their space on average upon relocating in 2014; however, over the past 12 months, the number of firms rightsizing is beginning to show signs of slowing. For law firms with upcoming lease expirations, the current plateau of rightsizing could make market timing even more critical. Not only is new supply through the development pipeline limited, but second-generation options coming to the market could slow. As a result, law firms will see real estate opportunities continue to shift away in the current expanding economic cycle. The opportunity to optimize real estate costs will remain for firms that focus intently on maximizing the efficiency of their real estate footprint, while enhancing strategies around talent in fringe urban cores where Millennials live and ideally want to work.
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