Cost is still the primary driving issue for law firms as they face mounting competition on the price clients pay for legal services. This means firms continue to look to real estate and the workplace for efficiencies and savings.

The trends we are seeing include a reduction in the amount of rentable square footage, as companies embrace new remote work standards. Additionally, the idea of relocating to suburban officers for safety and accessibility is top of mind; nevertheless, most firms agree that Downtown is the best location to balance client, attorney, and staff needs. We are also seeing a growing desire for shorter lease terms and greater flexibility to expand or contract.

Lastly, we are seeing a trend towards higher-quality buildings with superior locations and the latest amenities. This doesn’t mean that firms have thrown out the book on costs, but rather that they understand the importance of a high-quality experience for their clients, staff, and potential recruits.

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And if you have any questions about leasing space in the Twin Cities market, please reach out to Rokos Advisors. We are happy to help.