After a period of unpredictability in the commercial real estate market, law firm leasing activity in San Francisco is showing signs of rebounding, as noted in a new report by Cushman & Wakefield. A resurgence of confidence, coupled with appealing market elements and heightened leasing concessions, are creating a beneficial environment for legal firms to secure new spaces.
Notably, it has become increasingly standard for landlords to put highly attractive deals on the table: more than a year of rent-free occupancy and upward of $200 per square foot earmarked for tenant improvements over a 10-year lease period. A significant number of legal entities are taking this opportunity to improve their operational landscapes.
Among them, major law firms including Gibson Dunn, Willkie, and Gunderson Dettmer have already procured new office leases in San Francisco in the first half of 2023. This proactive stance by these renowned firms acts as further validation of the forecasted upward trend in law firm leasing activity in the city.
For more detailed insights, consider perusing the original report by Cushman & Wakefield which breaks down this evolving scenario exhaustively.