PHILADELPHIA, PA—Space reduction and relocation in the form of “rightsizing” continues to guide the office strategy for the US legal sector, according to a new research report from Jones Lang LaSalle. Law firms are giving up an average of 17 percent of their space upon relocating in 2014, says JLL in its 2014 Law Firm Perspective.
So far this year, 15 of the top 17 leasing transactions by US law firms were “rightsizing moves” as firms consistently trim space. Law firms are looking beyond their traditional trophy locations to locate near clients, attract new talent and reduce expenses.
JLL's review of the top 35 U.S. law firm markets indicated that market-by-market, 55 to 90 percent of law firms have already devised substantial efficiency measures in new or restructured leases. In Washington, D.C., for example, 82 percent of firms have embraced rightsizing strategies in the current cycle. That figure is telling, as law firms in the nation's capital comprise the largest segment of the tenant base with 45 percent of the core Class A office market.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
