“This is a generational opportunity for law firms, for those whose leases are up in the next couple years,” said Jack Lowell of Flagler Real Estate Services. “We’ve been through this a few times before in Miami. These cycles last for two to three years.”
This was a piece from the Miami Herald today. It is interesting to watch the way law firms are handling the current downturn in the Tampa Bay area. Some are looking for the 10 year leases to really capitalize on their positions in the market. Others are moving in to sub-leases at 30% below market rents, with 2 year terms. Confidence in the staying power of their firms is a big factor in which way they decide to go.
