By: Andrew Batson, Senior Research Analyst, JLL Great Lakes Region
Are you a leader in the legal field? Before making a decision about your law firm’s real estate, make sure you’re in the loop on the latest industry trends.
From office layout to city preference, the legal landscape is shifting. Below are a few top trends to consider before structuring your own real estate strategy.
- Budget Allocation: Most U.S. markets are moving in favor of landlords. Rents continue to increase, and available space will continue to diminish. By 2015, only 7 percent of national markets will be in tenant-favorable territory.
- Location Strategy: Despite a tight market, we’re still seeing growth for law firms. Hot spots for new offices include Houston, Palo Alto, Miami and Minneapolis. And, firms in gateway markets, like New York, Chicago, Washington DC and Los Angeles, are remaining stable.
- Space Design: JLL also reported a trend toward more efficient workspaces. The average workspace has condensed—from as much as 900 square feet to as little as 550 square feet.
Check out JLL’s video for a full recap of the latest industry trends, originally reported in JLL’s Law Firm Perspective.
About the Author
Andrew Batson is Senior Research Analyst for the Michigan and Ohio region of Jones Lang LaSalle and is responsible for the publication of quarterly and annual research. Mr. Batson ensures that our clients receive the most thorough, timely, and strategic market information in a way that guides decision making and identifies risks and opportunities. View Andrew’s bio or connect with Andrew on LinkedIn.