Oklahoma City Is A U.S. Growth Market For Law Firms
06 Nov 2018
Oklahoma City emerges as a growth market for the legal sector
According to new research from CBRE, Oklahoma City has emerged as a growth market in the U.S. for law firms due to its overall balance of law firm support supply and overall lower cost.
Oklahoma City also has the lowest labor costs of any U.S. growth market along with a good labor supply, making it a strong market for companies seeking to enter new markets.
“Oklahoma City is a strong market for law firms looking for a city that can offer an overall lower cost, both in labor costs and in office rents, along with a good number of people to fill jobs,” says Brent Conway, First Vice President at CBRE. “I will not be surprised to see more companies from outside of our market begin to take advantage of the offerings in Oklahoma City.”
Nationwide, the report finds that law firms are shifting recruitment strategies and expanding outside of traditional gateway cities to find new talent in lower-cost environments, often those with large, growing millennial populations.
Other report findings include:
- More than one-third of AM 100 Law Firms expanded in the past year, accounting for half of the 1.6 million square feet of law firm space absorption in the U.S.
- For lawyer employment growth, Atlanta leads the nation, expanding 16.3 percent since 2015, while Austin leads the nation in legal services employment growth at 11.3 percent in that same time period.
- Six of the highest growth markets for legal sector employment (Austin, San Diego, Los Angeles, Orlando, San Francisco, Houston) are also among the top-10 markets for millennial concentration nationally, while six are among the top-10 markets for millennial growth (Austin, Orlando, Houston, Dallas/Ft. Worth, San Francisco, Phoenix).
“The expansion taking place is most often in lower cost markets, where large law firms are entering for business expansion and tapping into new talent at competitive price points,” said Jamie Georgas, Global Chair of CBRE’s Law Firm Practice Group.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.