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December 9, 2019 Comments Off on Chicago Law Firms Continue Space Contraction Trend Views: 582 Chicago News, Top Chicago

Chicago Law Firms Continue Space Contraction Trend

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Law firms continue to contract space in Chicago, as relocations remain popular according to the 2019 North American Legal Trends Report from CBRE’s Law Firm Practice Group.

Overall, Chicago—the nation’s fourth-largest legal sector market—recorded 854,255 square feet of law firm transactions in the year that ended June 30, up from 702,971 square feet the year prior.

The market was dominated by contractions, representing 65.6% of transactions in this time period. Two-thirds of law firm transactions over the 12-month period were relocations.

“There has been a flight to quality in Chicago, and law firms are continuing to seek increased efficiency and flexibility within their space,” said Todd Lippman, Chicago-based member of CBRE’s Law Firm Practice Group. “The market has seen a surge in new construction in recent years, and firms are giving these top-quality sites strong consideration as they look to recruit new talent and retain current employees.“

Pictured: The under-construction 110 North Wacker, which has seen leases by prominent law firms.

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