Rapidly-rising London rentals – around six times the UK national average – may be pushing out one of London’s “Magic Circle” law firms, Freshfields.
According to rercent reports Freshfields Bruckhaus Deringer has instructed real estate agents to find 100,000 square feet in Manchester to accommodate its 1300 UK staff. The reports frm the Estates Gazette have not been confirmed, but the firm, which currently occupies 230,000 square feet at 65 Fleet Street, is clearly seriously about slashing its rental overhead.
The firm, under its “Project Green” initiative, has already earmarked the properties it is serious about moving to, with the intention of completing the move by 2018.
“This is something that people are increasingly looking at because rents are nearing record highs across most London submarkets and they are likely to grow further over the next three years,” one business source was quoted as saying.