Space reduction continues to guide the office strategy for the U.S. legal sector, with firms giving up an average of 17 percent of their space upon relocating in 2014. Office leasing transactions for the sector have seen a consistent trim this year as 15 of the top 17 U.S. law firm leasing transactions were rightsizing moves, according to JLL’s newly released Law Firm Perspective.
A closer look at Florida’s most active markets
Law Firm Perspective reports that Miami led all major U.S. markets in growth in legal services over the last year thanks to international investment in the city. This has led to tough competition for both prime office space and qualified attorneys.
For Miami and Fort Lauderdale, from a locational and occupancy perspective, the CBD remains as the preferred choice among the legal industry. With strong employment numbers and impressive transactional activity, the report depicts the law firm presence and influential shine upon the Sunshine state’s Southeastern urban core:
- Upholding its standing among the most prolific office users, CBD law firms led all industry sectors in leasing
- Miami and Fort Lauderdale are facing a shortage of large contiguous blocks of prime office space
- Law firm occupiers have seen and can continue to expect a rise in pricing fundamentals
- Miami led all major U.S. markets in legal employment related growth- growing 3.7 percent over the last year
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