Even top law firms complain about the rent sometimes.
According to a recent Forbes article, the national average rent for Class A office space has increased 22.7 percent since 2010 and shows no signs of slowing down. In fact, it is expected to climb 18 percent this year.
The 100 top-grossing law firms are growing at around 4.5 percent annually, according to a Forbes citation of a Jones Lang LaSalle report.
In other words, premium office space may start to appear less attractive, which could prompt a move into “core-fringe” markets such as Hudson Yards. Hey, c’mon over: we’ve got space!