The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
"Everyone in the City has had a problem with void space," says City property expert Peter Thursfield of agents Savills.
Void space is where a tenant cannot get rid of existing property and it arises in various ways: business shrinkage caused by recessionary and staff cutbacks or over-optimistic planning.
Mergers or moves to new addresses without assigning the existing lease are a prime cause of void space. You can find a new tenant to sublet, but success depends on the quality and size of the building.
There are no immediate solutions, says Thursfield. "You either sell, employ more people or wait for the market to improve. You could avoid paying rates by making it unoccupiable."
The cost of disposal is such that businesses often find a use for it, he says.
Savills' head of research, Stephen Newbold, says parts of the City and West End will have a long-term oversupply of second-hand space.