JLL’s 2016 Law Firm Perspective is now available.
Our latest report dives into 40 U.S. markets to reveal historic, current and target square footage per attorney as well as corresponding rents and typical deal terms in each market. This exclusive benchmarking data and analysis provides law firms with a more practical approach to analyze their space and how they can future proof their business.
The report also reveals four national trends we have seen in 2016:
- Wavering business dynamics and slower economic forecasts reinforce the need for law firms to address one of their largest cost structures—real estate.
- There’s great opportunity over the next 24 months for firms to enhance their negotiating leverage, based on growing supply and slowing demand.
- Law firms have been aggressively rightsizing in this cycle—reducing the amount of square footage per attorney by as much as one quarter.
- This reduction in space per attorney is helping firms yield cost savings that are surpassing 20% and enabling a reallocation of capital to newer workspace design favored by the millennial generation.
Spotlight perspective on Orange County
Orange County has seen new Class A deliveries add to upward pressure on rents while space utilization is being challenged by rising construction costs. Increased speculative development is also adding new space alternatives in the Airport Area and South County submarkets, which are the most popular locations for law firms. We see landlords remaining in the driver’s seat through at least 2017.
Tweet this: How can #lawfirms use their #CRE to save while also attracting and retaining talent? #JLL’s latest Law Firms Outlook explains. http://bit.ly/2eVZ4g9