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News Release

MIPIM, Cannes

EMEA legal real estate marker feels reverberation of tense economy

MIPIM Cannes, 12th March 2009 According to Jones Lang LaSalle’s latest research paper EMEA Legal Market Perspectives 2009 will be a challenging year for law firms with tough economic conditions likely to put further pressure on revenues.  Richard Norton, director in Jones Lang LaSalle’s City Agency team said: However, real estate markets conditions in many mature and emerging locations across EMEA will present opportunities for those in a position to exploit them.”

Jones Lang LaSalle’s EMEA Legal Market Perspective is designed to provide a review of real estate market conditions in the 10 mature and emerging legal markets covered in our legal market perspective of June last year, taking a specific look at the legal sector and providing a view on likely market conditions as 2009 progresses.

According to the report, rents are now falling in markets from London to Moscow (please see Fig. 1 for Jones Lang LaSalle’s EMEA Office Rental Clock) with occupier incentives growing almost by the day.  In some markets landlords are showing an increasing willingness to renegotiate and restructure leases.  But market conditions are also providing challenges, as it becomes harder to sub-let unused space as demand slows.