ORANGE COUNTY-Rightsizing among law-firmtenants in Orange County continues to take place, but notat the level that was so common in the post-recession periodbetween 2009 and 2012, according to Jones LangLaSalle. While a year ago, many firms were still sheddingexcess space as a result of staffing cutbacks and others wereattempting to renegotiate existing leases to take advantage of themarket rent discounts, today leasing activity among law firms isquite different.

Competition for space among law firms is poised to increase inthe next year, since the amount of full floors in class-A towers inthe Airport Area market is dwindling, the firm reports. However,comparable options in Central County's class-A market are stillplentiful and will become an alternative to law firms that areunwilling to pay a soon-to-be premium for locations in Irvine,Costa Mesa and Newport Beach.

JLL predicts that it is highly unlikely that the level of demandfrom the Orange County law-firm sector will spark any newconstruction in the near future. However, withgrowing demand for quality space in Irvine Spectrum and NewportBeach, whispers of speculative construction are becoming morecommon.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.