Eastward expansion continues, for Los Angeles law firms that is. In the first installment of our series on law firm real estate trends, we learned what’s making downtown LA one of the most interesting office markets in the region. Now, Darren Eades, Executive Vice President in JLL’s LA office, reflects on why Westside firms are increasingly setting their sights East.
To stay competitive, today’s law firms need to “do more with less” in terms of office space—and, as Eades explains, rampant rate compression on the Westside isn’t helping their cause. Many firms are actively reevaluating not only how they use space, but also where they position it in the first place.
In comparison to Westside options, downtown LA offers more cost-effective office stock, together with burgeoning amenities and residential developments. Some of its second-generation options may not prove as usable for a traditional firm, but the area is rich with quality opportunity in both ready-to-use and raw space.
Downtown is not the only submarket garnering law firm tenants’ interest around LA. Eades says the Arts District on the Eastern edge of downtown is piquing curiosity, too. While its existing lack of conventional office space means there’s not much activity now, Eades expects interest in this growing hub for young professionals to grow quickly in the future, as younger attorneys advance into management roles.
Greater cost-efficiency and access to talent? Downtown LA is looking brighter every day.
For more information contact Darren Eades.