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Northwest Regional Manager | Project and Development Services
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Law firms with leases set to expire within the next two years face tough decisions regarding renewal. Landlords across San Francisco are pushing for longer lease terms in an attempt to lock in today’s rates, despite expected market trends. However, firms may have an advantage with some landlords who are seeking to diversify their highly tech-based tenant rosters.
San Francisco's thriving technology sector is putting the squeeze on law firms, meaning new strategies are needed to control occupancy costs.
Demand across the San Francisco area is making the current market challenging for many law firms, although a peak in market rates could be coming soon.
Nationwide, CBD Class A space is dipping into single-digit territory in many markets, while Trophy rents continue to rise at 2.5 times faster than the market average.
“Law firm space needs are constantly evolving, and as our trusted real estate advisor for more than a decade, JLL has helped Sedgwick reduce real estate costs by 25 percent, and improve efficiency and service to our clients. That’s real value.” – Michael A. Tanenbaum, Partner and Chair, Sedgwick LLP