Report | Chicago Law Firm Perspective - 2016
Chicago law firms need to upgrade their space to stay competitive in the market for top talent, but low vacancy and higher-priced new construction are creating significant upward rent pressure. Cost-conscious law firms are consolidating or extending in place for an average of three years due to market timing in the tightening Class A space. Significant amounts of second-generation law firm space will be coming to market in 2017. Firms that are willing to consider relet space will have great options with reduced out-of-pocket firm capital.
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