Buyers’ market for downtown law firm space
If you’re managing a law firm in downtown Boston, and you are looking for fancy new offices, now is your time.
Of course, that is if you are not so busy trying to weather the economic storm that upgrading office space seems like a concern leftover from flush times.
It’s the classic, recession conundrum. Bad times often present unrivaled opportunities for scoring bargains in everything from office space to homes. But of course, most businesses are not in position to grab such opportunities, and, if they were, well these wouldn’t be hard times, would they?
Boston law firms are no stranger to this classic, age old dilemma.
Anyway, there’s a lot of top quality law firm space on the market in Boston – and it just keeps on growing, according to a new report by Jones Lang LaSalle.
Nearly 15 percent of the Class A tower space controlled by downtown Boston law firms is now on the market. That’s more than 181,000 square feet.
Ropes & Gray and Edwards Angell Palmer & Dodge are among top law firms trying to shed surplus space.
The flood of law firm space hitting the market comes amid a wave of cutbacks not seen since the early 1990s recession, which hit the Boston area particularly hard.
All told, there is more than 6 million square feet of built out, ready to go law firm space on the market in cities across the U.S., Jones Lang reports.