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Trophy Space Scarce for Law Firms

WASHINGTON, DC-Law firms willing to make do with mere class A space, though, are finding that landlords are willing to grant even more concessions as vacancies rise.

By Erika Morphy | Updated on April 10, 2008

WASHINGTON, DC-Law firms looking for space in the District are finding that space in trophy buildings is scarce. According to Jones Lang LaSalle’s global Law Firm Group, there are no large blocks of contiguous space available. Class A is still relatively abundant, though.

Part of the problem, of course, is that law firms are not willing to move out of the city’s East End and CBD, where law firms traditionally hunker. Occasionally, a firm will stray to Georgetown, the West End or Capitol Hill, notes Tom Doughty, international director. “But by and large, no one wants to be a pioneer. There is little appetite to venture out of these neighborhoods,” he tells GlobeSt.com.

However, law firms that are willing to settle for the next best thing–class A space–are finding that they have more choices than in earlier real estate cycles. Their leverage with landlords has increased due to growing vacancies, JLL says in a new report, “Legal Market Smart.”

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