C&W: Moscow ranks 2nd in European office take-up by law firms

European office take-up by law firms was a total of 164,000 m² over the six months to March 2008, according to the latest EMEA Legal Business Briefing of global real estate consultant C&W. This figure is up 3% up on the previous half year, and compares favourably with the 7% overall fall in office space leased across Europe's 16 major legal centres monitored.

Growth is being driven by London and Moscow. London saw take-up increase 15% year-on-year to 53,500 m² over the six-month period ending in March 2008. In Moscow, a flurry of activity in the fourth quarter boosted take-up to 27,770 m2, up from 1,767 m² in the same period the previous year. The two cities together accounted for just under half of the total space let to the sector in Europe.

Mark Pollitt, head of the EMEA Legal Group of C&W, said: 'Our figures for London reflect the consolidation of key international firms in a city that has become the legal capital of Europe, and one of a select group of global legal cities.'

London accounted for six of the top 20 largest deals by size in the six months to March 2008, with the largest being the leasing of 18,100 m² to corporate law firm Addleshaw Goddard in London EC1. The top transaction in Moscow was the leasing of nearly 6,500 m² to CMS Cameron McKenna at the G11 Business Centre.

'Moscow is the rising star for international law firms as they look to position themselves in one of the fastest-growing markets in Europe, so reducing the risk of being too exposed to the slowdown in the Western financial markets,' said Pollitt.