25/11/2014 – ExpansionPro
Economical and real estate improvement soaks in the law office market. The latest report by Jones Lang LaSalle (JLL), titled Law Firm Perspective Global 2014 states that the city of Madrid left the ‘slump stage’ and entered in the ‘growth phase’ – just where it was before the boom.
Further on, JLL points out that the most-desired Castellana street (aerial picture) may see refurbishment and redecoration at most, before any new office project comes up. When it comes to the law firms, the company says they still show a traditionalist approach to picking a representative location, preferably compartmentalized highest-quality buildings.
Speaking of the global market, the report informs the rental prices are expected to rise in 77% of markets of the Northern America, in 56% of the European ones, 43% in Asia. Only in 15% of the markets forecast some advance in tenant conditions, as well as fall in prices.
Madrid Primary Area
The capital-based lawyers offices focus their search on the aforementioned Castellana avenue and areas nearby: the Salamanca neighbourhood in the east, and the Almargo and Zurbano zones in the west from it.
The smallest firms choose mixed-use and residential buildings. In turn, 96% of the 25 largest is found in one of the areas specified above.
To give a few examples of recent relocations, Hogan Lovells has occupied a 4.608 square meter office at numbers 36-38 Paseo de la Castellana, and White & Case a 1.142 square meter one at number 7 on the same street. Next to change premises was Dentons (number 53), as well as Amat & Vidal-Quadras (21 Ortega y Gasset street) and Martínez-Echevarría (33 Principe de Vergara street). Second Spanish branch of Arochi & Lindner opened at 28 Serrano. Also, Herbert Smith will move to a 4.000-square meter old office of Cuatrecasas, Gonçalvez Pereira situated at 43 Velazquez street. Finally, CMS Albiñana & Suárez de Lezo and Bird & Bird are currently eyeing the market in search of new premises.
Original article: ExpansiónPro (by Mercedes Serraller)
Translation: AURA REE
Source: AURA Real Estate Experts