Business attorney Yalda Bahramian offers a hopeful update on the future of Portland office rentals. https://lnkd.in/gQxZw-Bh
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There are numerous ways that CORT can assist Law Firms in setting up their office space to address today's challenges. This article outlines why partnering with CORT can be a successful strategy for your firm's short-term and long-term success. #OfficeSpace #LawFirms #CORT
Shaping the Future of Legal Workspaces with CORT | CORT
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SVP at CBRE, Author, Songwriter. I guide execs through complex office lease negotiations in 100+ global cities
My team just finalized office negotiations for two different law firms, each +/- 20,000 square feet… Each project ended with a totally different lease structure. One client signed a 2 year short-term renewal and gave back 20% of its space. No capital investment, a reduction in rent, leaving flexibility to make a longer-term lease decision in a year or two. Not much of a cultural change to the firm, but little to no disruption. The other client signed a long-term 11 yr lease to relocate to another building. They’ll downsize by 25%, pay less in rent, get brand new space and brand new furniture almost entirely paid for by the landlord, and upgrade to a better building with great amenities. Major change for the firm and its brand/culture. What I’m most proud of is that each client accomplished their own unique goals through our customized process, and my team was able to drive successful negotiations in their favor. There is no “one-size fits all” strategy for office tenants…the ultimate solution is always nuanced and usually very complex. Navigating through it all is what I love most about my job, and I’m thankful for our clients who trust us to guide them through the options!
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In 2023, U.S. law firms led a remarkable resurgence in office leasing, securing over 16.9 million square feet, indicating a robust demand for premium office space. This trend not only highlights the legal sector's resilience, but also signals a positive shift in the office market, driving future leasing activities. https://lnkd.in/gJTA7Fmq
Law firm office-leasing activity hit a milestone in 2023. It could fuel a domino effect. - Denver Business Journal
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Highly Recommended Tenant Representation | Denver Office Leasing Broker | Commercial Real Estate | Lease Negotiations
Law firms leased 3.2 million sf of office space in the first quarter, surpassing previous highs in 2019 and 2021. The evolving trend towards hybrid work, with 2 days remote and 3 days in the office, offers attorneys flexibility for collaboration and performance. #denverofficespace
Law Firms Are a Bright Spot in a Dreary Office Leasing Market
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In 2023, the U.S. legal industry significantly increased its office space leasing, totaling 16.9 million square feet, the highest since the pandemic and surpassing pre-pandemic years. This trend signals a divergence from broader market patterns, with law firms actively returning to offices and making long-term real estate commitments. Notably, a major deal by Paul, Weiss in Manhattan represented the largest office lease in the U.S. last year. The sector's focus on premium buildings indicates a competitive market for top-tier spaces, affecting overall office market dynamics. While some firms are downsizing or optimizing space, a notable portion is expanding, reflecting a nuanced approach to post-pandemic office needs. The legal industry's leasing activities offer insights into evolving office market trends, emphasizing the value of physical office spaces in business strategies. #smartcap #redmond #kirkland #bellevue #leasing #lawoffice #legalindustry #leasingactivity #officespace
Law firm office-leasing activity hit a milestone in 2023. It could fuel a domino effect. - Puget Sound Business Journal
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Interesting article from the The New York Times including a quote from our colleague, DAN ARENDS about the continuing evolution of office space in the legal industry. Key takeaways: - The rule of thumb used to be 1,000 square feet per lawyer, but the new benchmark is closer to 600 square feet. - Lawyers of all seniority, including the so-called rainmakers, now sit in offices of similar size with uniform furniture - Consistency also means flexibility — rooms can easily be transformed for different uses - Long, dark hallways with filing cabinets and even physical law libraries are being replaced by digitized document storage systems - Leasing less office space often does not always translate to savings if firms are moving to a new Class A location, even if the footprint is smaller - As law firms move to virtual hearings and remote proceedings in the wake of the pandemic, conference rooms with the newest AV capabilities are imperative - Architects are being asked to design spaces with much more natural light, including glass doors in office spaces and few less-efficient interior spaces, along with improved artificial lighting throughout - Attorneys are increasingly being asked to commit to a 3-day work week, and many firms are delivering their lawyers new spaces in recently delivered projects complete with collaborative areas, wellness rooms, fitness centers, internal stairwells, and on-site entertainment options
Corner Offices Are Out; Collaboration Is In. Say Hello to the New Law Firm.
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Two pieces of advice as the office market turmoil continues. First, if you are in the market for office space, drive a hard bargain. Other than highly amenitized properties at transportion hubs, there is opportunity out there now to negotiate good rates and lock in for some years. Second, ensure you have a Subordination, Nondistrubance, and Attornement agreement in place that is reviewed and approved by your attorney. This is an esoteric legal document that protects your tenancy and your investment in the space should a lender (or other party) foreclose on your building and step into the shoes of your landlord.
Office Building Losses Start to Pile Up, and More Pain Is Expected
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Detroit Commercial Real Estate Advisor | Office Leasing / Sales | Specializing in Tenant Representation
Law firms are one of the most active Office Tenants in the current market. Why?? Talent Attraction - Upgrading to Class A spaces and upgrading spaces allows firms to attract the next generation of legal professionals. Seizing opportunity - Many firms are taking advantage of a soft office market to maximize leasing concessions. Consolidation - New hybrid workplace practices often times allow firms to consolidate multiple offices or reduce overall office footprint. Gone are the days of clunky law offices. If you or your firm is interested in discussing relocation / renewal options, please DM, call or email me at 616-340-2553 or andrew.bower@freg.com #lawfirms #officespace #leasing #detroit #commercialrealestate
Why Law Firms Are on the Move - Friedman Real Estate
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Highly Recommended Tenant Representation | Denver Office Leasing Broker | Commercial Real Estate | Lease Negotiations
Finally, some good news for the office market as Law Firms leased more office space in 2023 than they did during any of the pandemic years, 2020-2022. In fact, per this article, they leased more in 2023 than in 2017, 2018, or 2019. #denverofficespace
Law firm office-leasing activity hit a milestone in 2023. It could fuel a domino effect. - Denver Business Journal
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Medical Malpractice Attorney Representing Plaintiffs in Virginia and in Federal Tort Claims Act Cases Nationwide
Two case studies of lawyer/office ridiculousness: WING CHAIR PRIVILEGE. When I was a young associate, a big group of attorneys left our firm. There was a surplus of offices, including big partner offices with great river views. Lucky me, I got one. Moving from a smaller office, I didn't have much office furniture - certainly not enough to do justice to the nice space. There was a lot of surplus stuff floating around so I just appropriated some, including an upholstered wing chair. Still being fairly new, I was ignorant of an understanding/rule that associates were only supposed to have "captain's chairs.” Wing chairs and couches were exclusively for partners. Of course, one of my peers became enraged by my temerity. At the time, I was unaware, but I later found out meetings were held and memos exchanged. It was a scandal - and one that went on for some time. Apparently, my colleague wouldn't let go and kept demanding that this injustice be remedied - and kept getting an audience. Of course, no one had the backbone (or other applicable anatomy) to speak to me about it. The firm went out of business six months later. No surprise. And, by the way, that wing chair remained in the office until the end OFFICE EQUITY. When I was a young partner, my firm needed to move. There were five partners. Our new space had a corner office - and everyone agreed who should have it. There were four other partner sized offices, all with nice river views. Three were identical. The fourth was about a foot narrower. The "smaller" office became an issue. I suggested that we just draw straws. To move the wall would end up costing at least a couple of thousand dollars, especially considering the painting and new carpeting involved. That seemed silly to me - and I suppose I wasn't subtle expressing my opinion. Notwithstanding the fact that my colleagues often got bent out of shape about $25 expense reimbursements, their view was that whoever got the lesser space would be resentful. All offices must be the same. I offered to take the outlier office. Oh no, that would not do. (That one still makes me scratch my head.) The wall had to be moved. It was, and it was expensive, and I was gone a year or so later - albeit not exactly by choice. So, what’s my message this Saturday morning? Both tales of mine are ancient history, but I am confident such silliness is not hard to find these days. I still hear stories of this sort from younger lawyers. Talk about making work unnecessarily miserable. Be happy to move on from places where pettiness and small thinking are the institutionalized culture. Good riddance. If you're in leadership, don't tolerate such nonsense. Smack it down; don't let it grow. It’s a cliche, but declaring that life is just too short is a very true assessment. There is a reason I like being the captain of my own ship - and, incidentally, there are no "captain's chairs” at Rawls Law Group. #lawpractice #lawyerlife #lawfirms
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