HOUSTON—Obviously, law firms provide legal services to the commercial real estate industry and use the services of the CRE industry to lease or buy space. GlobeSt.com takes a look at both aspects of the business in this legal update.
While the US office market has been red hot for the last few years, this is beginning to change as vacancy slowly moves upward, currently standing at 12.5%, says JLL. Tenants will begin to see a meaningful increase in space options in the next year as the overall US office market begins to shift.
Secondary markets are the exception to this trend, with labor shortages for highly educated office positions stunting occupancy growth. More second-generation space will come back to the market as law firms have been some of the most active tenants in preleasing new developments, a trend mirrored in Houston.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
