By Ira J Waldman and Adam B Weissburg, Cox Castle & Nicholson
Competing interests continue to drive the direction of real estate development and finance in the US. Governmental regulation (interference, some might say) following the 2008 global recession has added to the complexity of real estate finance structuring as the governmental (and public) interests collide with the interests of financial institutions. The intersection of governmental development and fundraising goals, private development interests and neighbourhood concerns have often clashed prior to a consensus on sensible development being reached.
By Neerav Merchant, Majmudar & Partners
"Based on various reports the real estate sector looks fertile for future growth and the Indian real estate market may touch US$180 billion by 2020. To adjudge the real estate sector’s critical role in the Indian economy, it may be beneficial to trace its development over the decades."
Who’s Who Legal brings together two leading experts to discuss issues facing real estate lawyers and their clients in the industry today.
Three leading experts, Ira Waldman, Susan Talley and Gary Best, discuss current trends in the rejuvenated global real estate market.
Didier De Vliegher of NautaDutilh takes an in-depth look at key trends in the Belgium real estate market.
"While the public sector dominance in Brussels gives the city a reputation as a stable office market, Belgian real estate costs are 25.5 per cent higher than the European average. In this regard, the main concern is the higher costs compared to our Dutch neighbours."
We are pleased to introduce our 13th edition of Who’s Who Legal: Real Estate, listing 800 individuals from 47 jurisdictions.
In sharp contrast to last year’s dizzying heights of activity, the global real estate market reported a slow start to 2016. It’s expected to continue in this vein, with experts predicting a year punctuated with bouts of pessimism and volatility.
We are pleased to introduce our 12th edition of Who's Who Legal: Real Estate, the definitive guide to the global real estate legal market, listing 737 individuals from 375 firms across 46 jurisdictions.
DLA Piper is the top-ranking firm in our research for its worldwide expertise and unequalled strength in depth.
Clifford Chance is another distinguished global player, especially for its pre-eminent European-wide position. Fellow London-based firm Linklaters features strongly in Northern Europe.
Blake Cassels & Graydon excels in the Canadian market; Ballard Spahr is famed for its Pan-American offering; and Gibson Dunn & Crutcher has several listings in the East and West seaboards of the US.
Global firms Dentons, Hogan Lovells, Mayer Brown, Herbert Smith Freehills, Paul Hastings and Greenberg Traurig are also among those to be recognised for their pervasiveness in our research.
The most highly regarded individuals in North America, the EMEA region, the Asia-Pacific region and Latin America are also recognised in this section.
The challenge for the real estate market today is how to deal with resurgent demand from clients. For lawyers servicing the top end of the market, activity is back to pre-crisis levels. However, with diminished teams and a shrunken selection of lawyers possessing the required expertise and experience, firms are finding themselves doing more work with fewer people.
This year we identify 714 practitioners from 375 firms in 41 countries who are considered leading experts in real estate law. Several firms stand out in our research due to the high number of inclusions they receive, with DLA Piper leading the way. The firm has 26 lawyers recognised across 17 offices throughout Europe, Asia-Pacific and the US. Clifford Chance performs strongly with 14 individuals singled out. The firm is also home to three of our most highly regarded individuals in the EMEA region. Berwin Leighton Paisner is another heavyweight in this area and is represented by 10 lawyers, five of whom hail from the London office. Following closely behind, Ballard Spahr, Linklaters and Herbert Smith Freehills all perform impressively this year with nine lawyers apiece.
We also identify the most highly regarded individuals in the world in three different sections: the Americas, EMEA and Asia-Pacific.
The status of gateway cities such as London, New York and San Francisco as “safe havens” has led to an influx of foreign investment, creating frenzied activity among investors competing for limited real estate opportunities. With this sharp rise in activity, law firms are turning their attention to staffing needs and reassessing their position in the market – resulting in a dynamic legal marketplace over the last year as some firms bolster their real estate practices and others quit the market for good.
This year, we identify 695 lawyers from 347 firms and 35 countries who are considered leading lawyers in the field. “Global giant” DLA Piper leads our research with 25 of its practitioners recognised in this edition from 12 different jurisdictions. Thirteen individuals from Clifford Chance stand out this year, with the Frankfurt office being particularly well represented with four of its partners recognised. “Leading” global firm Linklaters boasts the inclusion of 11 lawyers, 10 of whom are based in Europe, and US firm Ballard Spahr achieves 10 listings. A further five top firms are also recognised.
We also singled out the most highly regarded individuals in the world in this field.
Our research this year indicates that the international real estate market is very much a mixed bag. We received extremely varied reports on levels of activity, availability of capital, types of investors and lenders and the state of the legal market. Though the global picture is fractured and there is great variation between and within jurisdictions, the majority of those we spoke to were keeping busy and remained hopeful that the year ahead could bring further improvements.
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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.