Law Firm Real Estate Trends: Nicer Buildings, Smaller Offices

Law firm real estate moves are always interesting. And it makes sense that attorneys care a lot about their offices — they spend a disturbingly high percentage of their lives there. So what are the hot new trends?

Well, we know in New York the buildings going up in the Hudson Yard have a bunch of Biglaw tenants and White & Case showed us what a gorgeous, modern office space looks like. But, there are broader trends at play that impact the entire industry.

Law.com reports on JLL’s 2017 Law Firm Perspective report, and in an effort to appeal to younger associates law firms are leading the way, picking up leases in fancy new buildings:

“Law firms tend to want to go to the nicest, newest building in town,” said Elizabeth Cooper, co-leader of JLL’s law firm group. “Top of the building” rates are unlikely to go down, she said, but an opportunity exists for firms in the middle or lower segment of the real estate offerings.

And even cheaper options aren’t tempting when there’s a shiny object:

With global economic growth on the rise and new real estate development popping up across U.S. cities, many law firms are likely to see more favorable tenant conditions in the next 12 to 18 months, a new report said. But even amid those relative bargains, many firms are likely to take the new spaces with the highest price tags.