CBRE Los Angeles Law Firm Trends

CBRE Los Angeles Law Firm Trends



Los Angeles is a wonderful place to live and work there's a vibrant legal culture here there's a lot of comparisons between Los Angeles and the other major markets and Los Angeles is rents are not as high as some of the York San Francisco Palo Alto top-tier firms are looking to change the way they do business they're looking for a different look they want something a little bit more radical we've seen two firms recently that have put first and second-year associates interior offices that's a new trend because of who California is I think there's more of a focus on health and wellness and I think we are leading with that the emphasis on profits per partner is incredible every firm every law firm is hyper focused on their revenue on their profitability and on their profitability per attorney for our top-tier international law firms it really only is downtown Los Angeles and Century City downtown LA to 30 million square foot marketplace from the lesson 17% vacant it does allow the easiest location to be able to crew many of the top attorneys who live in the Greater Pasadena area on the east side but it does have sort of traditional office buildings it's very different market than Century City which is a 10 million square foot marketplace it's less than a percent fake as there's only about 700 thousand feet of vacant space Century City has emerged as a very viable office sub market over the last 20 years firms that are focused in on either entertainment or private equity are generally moving or at least establishing an office in Century City one being close to their clients and two being close to where the attorneys who are in that business live the driver between the two markets is access to attorneys access to clientele and that's why a lot of firms have offices in both marketplaces from a percentage basis I have clients cutting their space in half of the three ways you can house younger lawyers one of them is doubling another is opening benching and another is interior offices the least political is providing interior offices and making your space more efficient a lot of natural light is one of the primary features that firms are looking for when they're designing new space a lot of glass coming in from the perimeter into interior offices and those interior offices have a lot of glass one size office is very comfortable for the Millennials they're perfectly comfortable thinking there are two associates in an office and then when they evolve to partner status and they get an office all to themselves but with all the firms that are building space we're seeing collaboration area in central points some firms have baristas health and wellness is making sure everybody's happy and collaborating and together and creating a culture and every firm is is trying to create that in their new space technology has affected virtually everything about the way a law firm uses space as younger lawyers come into the workplace they're much more technically proficient they're used to working a different way use of paper and therefore file storage the library is essentially gone now it's all online the file rooms are either gone are going to be gone firms are going to store their paper in the cloud one of the most interesting things about law firm culture is the generational contrast all these law firms need to bring in new blood the very top talent technology is the biggest thing that's going to drive the next 10 years the pace of change I think is going to continue to quicken the ability of attorneys to work more Moberly will be the most impactful to how spaces design I think a lot of people are going to start living in urban environments I mean you're seeing that in downtown Los Angeles now I mean the boom on the residential side is staggering people are going to be migrating and living near their office and so we're seeing a lot of our younger people living in downtown Los Angeles that wasn't the case five ten years ago but what's happening today and what's really exciting is that law firms are seeking to change the way they do business also in a certain way seeking to change the way they look you

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