London retains position as top legal centre

London reaffirmed its position as Europe's legal hub over the first nine months of 2007, accounting for 47% of the total office space let to law firms in 16 top legal centres, according to the latest EMEA Legal Services Business Briefing published by real estate consultant Cushman & Wakefield.

The UK capital, which saw 91,600 m² leased to the legal sector over the nine-month period, is followed by Paris-Ile de France with 19% (38,160 m2) and Warsaw, which is emerging as a key legal centre in Europe, with 5% (8,800 m2).

Compared with the same period in 2006, take-up by the legal sector increased by more than a third in London in the first nine months of 2007. Despite London's success, Mark Pollitt of C&W's EMEA Legal Group warns that 'activity is beginning to slow in all sectors across London as decisions are put on hold in the short term as part of the credit crunch effect. However, given the current shortage of good-quality office space in the right location an extended period of low activity is not anticipated.'

Overall, the legal sector accounted for around 2.7% of total European office take-up across the 16 locations in the first nine months of 2007, with 195,930 m² being let to law firms.