Law Firms in Driver’s Seat in Renter’s Market

LOS ANGELES-Los Angeles ranks as the second-best city for law firms to rent space, according to Jones Lang LaSalle’s recently released first “Law Firm Office Perspective” report. The index ranks 36 U.S. cities on a combination of potential business growth, strong local legal employment volume and the availability of premium space at a discount. Based on these numbers, JLL anticipates large downtown relocations in the next couple of quarters as law firms occupy nearly 20% of the class-A office space in L.A.

“What we’re seeing is that downtown L.A. is becoming more attractive to firms because of what’s going on in entertainment and cultural developments,” Tom McDonald, JLL’s EVP in the law-firm practice group in L.A., tells GlobeSt.com. “Some firms are moving downtown because that’s where their people are saying they want to be.”