Legal take-up soars in the City

The first half of 2013 has seen take-up from Law firms hit the highest level since 2008. This week saw the latest law firm to acquire office space in the City, with Field Fisher Waterhouse acquiring 80,000 sq. ft. of office space in Riverbank House. According to the latest figures produced, 2013 has seen 297,000 sq. ft. of office space already acquired by law firms alone with a further 272,000 sq. ft. still to be acquired in the second half of the year producing a total of 615,000 sq. ft. acquired by Law firms in 2013. These figures are even more impressive when you compare them to 2012, which saw Law firms acquire 160,000 sq. ft. in the City and in 2011, they only acquired 84,000 sq. ft. in the first half of the year.

The research also forecasts that Law firms will continue to acquire space in the City, with 573,000 sq. ft of lease breaks for Law firms in the City due in 2012 and close to 900,000 sq. ft. in 2015. Alex Goode from Morgan Pryce believes that this soar in take-up from law firms in the City really highlights and emphasises the increased confidence in the market from a year ago with further lease breaks expires due in the coming years this increased take-up should continue.

Other law firms who have acquired space in the City include Mishcon De Reya who has taken 150,000 sq. ft. in Summit House, Red Lion Square. CMS Cameron McKenna has also taken close to 140,000 sq. ft. of space in Cannon Place and finally Bird and Bird have acquired 141,000 sq. ft. of office space in 12-14 News Fetter Lane. 

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.