Clearly the sector will--and is--being affected by the challenging economy; one only has to look at the startling dissolution of Heller Ehrman last month. Still, though, Washington-area firms are expected to remain busy, or at least solvent, thanks to the presence of the government and lobbying industry. Also as the federal government launches its multi-billion rescue plan for the financial system, Washington area firms can count on picking up additional work.
The economy is shifting one trend, however: more law firms are expected to remain put in the current buildings when their leases rollover. Lease renewals, in fact, have characterized much of the leasing activity in the last few quarters. There are exceptions, of course. Arent Fox plans to relocate its DC operations when its current lease expires in 2012 to a new building under development across the alley from where it now resides. Currently at Washington Square--1050 Connecticut Ave.--Arent Fox will be moving to 1000 Connecticut Ave., where it will occupy 255,000-sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
