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Legal Perspective

United States

Report | Law Firm Office Perspective 2010

Summary

In 2011 law firms will have enhanced leasing leverage in most markets.  However, prime options in core markets will slow; the time to lock in favorable long-term space plans is now. 

Americas: Employment sluggishness gives law firms continuing leverage.  Most markets are in a down cycle, which favors tenants.  Lowest cycle markets include Washington, DC; Toronto and Dallas.  However, rents are trending upward for prestige spaces in New York; San Francisco; Washington, DC and Toronto.

Europe and the Middle East:  Demand is increasing from portfolio churn, not expansion.  High-quality vacancy has shrunk to the single digits in London, Paris, Berlin, Warsaw and Luxemburg.  Double-digit rent increases have occurred over the past 12 months in Moscow and London.

Asia:  Rent plunges of two years ago are reversing.  Tight supply plus corporate growth is driving pricing upward.    Rate increases will move fastest in cities such as Hong Kong, Shanghai and Singapore.

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