Beyond Trophy Space 489 0 Kommentare Lack of Supply, Rising Rents Challenging Law Firm Office Norms - Seite 3

These emerging law firm locations help attract and retain talent. In Washington, D.C., more firms are considering options located in the emerging Mount Vernon Triangle segment of the East End. New office developments in Denver hope to attract more firms to the city's LoDo district, the lower downtown area that has seen major renovation and restoration in recent years. In New York, law firms have increasingly shifted their office searches to Midtown West and downtown, including new developments in the Hudson Yards neighborhood.

Relocating Non-Revenue Functions
While the legal sector has been hesitant to adopt open-office workplace strategies, the layout for many law firms is changing in its composition. Firms are re-shuffling the people they house in urban centers, placing revenue-generating attorneys in prime locales and moving non-revenue functions to less expensive locations.

Baker & McKenzie recently launched a second global service center in Belfast, Northern Ireland, to provide tech and legal support to the firm's network. Pillsbury, which leased more than 250,000 square feet of space in D.C., expects to save significant costs as it downsized and moved its headquarters a few blocks east this year, occupying approximately 105,000 square feet in the District. The move included shifting lower-revenue and non-revenue functions to Nashville, Tennessee.

"For law firms with upcoming lease expirations, market timing is critical," said John Sikaitis, JLL Director of Office Research. "Much of the new construction will not hit the market for another 24 to 36 months and repositioned buildings are picking up pace, but slow to come to the surface. A combination of continued efficiency measures -- not just better space utilization but also offshoring -- and tenancies in new construction will be the best bet for firms to combat an increasingly competitive real estate landscape."

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.