October 17, 2018
In a busy environment for law firm leases over the 12 months that ended June 30, Chicago’s office landlords saw cost-conscious legal tenants contract their spaces more often than they expanded them, CBRE said. Contractions accounted for 44% of all law firm leases citywide, compared to 27.9% of leases represented by expansions.
“Law firms remain very active in Chicago, as they continue to use new lease opportunities to drive space efficiencies,” said Todd Lippman with CBRE’s law firm practice group. “With these moves and renovations of existing spaces, firms are exploring new designs and space configurations to not only deliver cost savings, but also for recruitment purposes.”
With a legal labor pool approaching 75,000, Chicago is one of the nation’s largest markets, “but it has become more competitive,” Lippman added. “Law firms are discovering that real estate can be a valuable tool to recruit and retain top tier talent.”
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