A turning point in market dynamics provide firm will enhanced opportunity ahead for the Minneapolis Law Firm sector.
Overall, The U.S. economy remains the anomaly among mature and emerging markets in its relative stability despite global economic uncertainty. The domestic economy has weathered a number of potential shocks throughout the first half of 2016. However, year-to-date growth in GDP, jobs and other economic indicators have been less consistent than in 2014 and 2015, with employment gains varying increasingly on a monthly basis and inflation stubbornly low due to the slump in oil and energy prices.
Here is the Law Firm Outlook here for Minneapolis
Real Estate Challenges for law firms:
• Rental rates have increased substantially in the last 12 months.
• Pressure from clients to reduce rates means that firms have less
to spend on real estate. Solutions include relocations to more
affordable buildings or moving down a few floors and space efficient
layouts that enable downsizing.
Real Estate Opportunities for law firms:
• Relocations allow established firms to modernize their look and
use of space. Costs can be saved by embracing open and
flexible work stations.
• Mergers and acquisitions also allow for creative real estate
solutions when firms are forced to make smart long-term
decisions in regard to assets and holdings.