Atlanta’s Office Space Surge: A New Era for Law Firms!
Atlanta seems to be buzzing with excitement as law firms are on the move! With a whopping 50 million square feet of office space currently up for grabs, it’s no wonder firms are flocking to the city like kids to a candy store. The search for the perfect office has never been more competitive, and law firms are making headlines with their new digs.
The Thriving Legal Sector
Among those making waves is Bradley Arant Boult Cummings, a law firm that decided to plant its roots in the heart of Atlanta. They went on a quest for an office that screamed “Welcome to Atlanta!” and guess what? They settled on the stunning Promenade Tower in Midtown. Initially starting with just 20 attorneys, they’ve quickly surged to a robust 50, taking up nearly an entire floor. Managing Partner Sibley Welch shared, “There were a lot of options at the time we were making a decision.” Sounds like a dream come true for any firm!
But it’s not just Bradley Arant making moves; the entire Atlanta legal sector is buzzing with activity. In the past year alone, law firms leased nearly 500,000 square feet in Metro Atlanta, according to data from Avison Young. Major players are either snatching up new spaces or scoping out fresh options. High fives are in order for firms like Morris Manning & Martin, which recently signed a deal for 100,000 square feet at the Two Alliance Center, moving from their current 130,000 square feet at Atlanta Financial Center.
Anticipation in the Air
As lease expirations loom, anticipation sizzles in the air. About 25 law firms with at least 20,000 square feet are gearing up for office lease expirations through 2027. Atlanta’s biggest law firm, Alston & Bird, is on a treasure hunt for a new space as their 340,000 square feet lease at One Atlantic Center will be expiring in 2028. Eversheds Sutherland and Greenberg Traurig are also in the office assume-race, keeping their eyes peeled for their next perfect space.
What’s Happening Nationally?
And it’s not just Atlanta! Across the U.S., law firms have leased an impressive 8 million square feet of office space this year, and it’s only expected to grow. Reports indicate that the leasing activity has surged, with a predicted 15 million square feet in leases expected by year-end. This boom calls for some serious celebrations!
Taking Advantage of Opportunities
Interestingly, with almost 30% of Atlanta’s office market sitting vacant, many of these larger law firms are choosing to downsize. Senior VP David Todd from CBRE pointed out, “Most of them are downsizing because they’re still not fully 100% back in the office.” It seems that many firms are embracing a trend toward efficiency – smaller offices mean lower costs, after all.
But this downsizing is not merely about cutting back; it reflects a larger movement towards quality over quantity. As Todd notes, “The bigger firms are all doing what everyone calls ‘flight to quality,’ but it’s really a flight to downsize.”
A New Way of Thinking
This movement has roots going back a decade when technology began phasing out the need for vast law libraries. Now, partners’ office sizes are becoming standardized, creating equality among staff. Highwoods Senior Vice President Heather Lamb mentions that partners’ offices are becoming smaller and “if you’re this level partner, you get this size office.”
This new office standard not only helps control rent prices but also encourages more interaction among lawyers—an essential aspect that cannot happen over Zoom! Places like the Lawyers Club of Atlanta, located in Promenade Tower, offer a blend of work and camaraderie, proving to be valuable for Bradley Arant’s team. Welch shared, “Most of us are here on a quite consistent basis unless people are traveling for work.”
Wrapping Up
So, what’s the takeaway from all this hustle and bustle in Atlanta’s legal scene? Change is in the air, driven by an opportunity to create dynamic, efficient, and amenity-rich workplaces. As more law firms look to make their mark in Atlanta, the competition will only heat up. Let’s stay tuned to see where they land next!
