Best Markets For Lawyers?

Bloomberg Businessweek says it’s New York. The state with the most expensive real estate in the U.S., where lawyers are being priced out of their own neighborhoods, has become a magnet for firms that don’t have to worry about paying rent.

The median price for an office building in Manhattan rose 8 percent last year, putting it on track to climb 18 percent this year through September, according to data compiled by property broker Cushman & Wakefield Inc. And interest rates aren’t likely to rise anytime soon: Federal Reserve officials indicated at their Sept. 17 meeting that they would probably keep short-term borrowing costs low and continue reducing stimulus measures until there is “substantial improvement” in economic conditions—a signal that could pose problems for landlords and tenants alike.

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