December 13, 2012
December 13, 2012 - Pasadena, California - The Fall 2012 Retail Report of the Real Estate Board of New York (REBNY) showed that the Manhattan retail real estate market is going strong with increased demand and limited supply, particularly in the high profile retail corridors. According to the REBNY, the contributing factors in the strength of the market include the economic recovery, uptick in consumer confidence and the strong tourism in NYC. Rents in key locations are at an all time high. In places like Broadway: 72-86 St, ground floor retail space rent in Fall 2012 has jumped by 31% against the rent in Spring 2012.
BCG Attorney Search legal recruiters in New York are confirming that the demand for legal services of real estate lawyers, particularly those with financial expertise are on the rise in New York. While nationwide, right now, BCG Attorney Search clients are asking legal recruiters to fill about 227 current openings for real estate lawyers, at least 32 real estate lawyer jobs were in New York and that's more than 14 percent of the demand experienced nationally at this legal recruiter firm.
Within real estate law, according to BCG Attorney Search legal recruiters, demand is strongest for attorneys with experience in real estate finance, including mortgage securitization, government-assisted financing, credit analysis, leasehold financing, and both interim and long-term financing. Funding is typically one of the primary concerns for homebuyers and developers.
The need for real estate lawyers with financial expertise has grown for three reasons - 1) Real estate investors had been buying up foreclosed property at cheap rates, and are starting to make them available to the market, now that the economy is picking up. 2) Many properties remain tied up in financial obligations and lawsuits and transfer is impossible without proper expert advice, and 3) Hurricane Sandy has brought in the need for reconstruction and reimbursements where real estate lawyers with financial expertise are needed.
The rise in demand for legal services in the real estate sector is heartening for real estate lawyers, and Margaret Gilleran, a New York legal recruiter at BCG Attorney Search said, "For lawyers who started in 2008 through 2010, there wasn't much going on in that practice area and people who'd normally be practicing in real estate finance were placed elsewhere. The few real estate attorneys who did manage to find firm positions were very few, so now that the market is doing better, it's very busy. If you have a mid-level lawyer in real estate, law firms are jumping to hire them because there aren't a lot of them around."
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