The leasing activity for law firms in the United States has gathered substantial pace during the first three quarters of 2023, nearly surpassing the total leasing activity observed throughout the entirety of 2022, according to a new Savills report. Unlike prior years, over two-thirds of firms have chosen to remain in their current premises whilst negotiating new leases.
In the third quarter alone, the legal sector has seen a total lease tally amounting to 1.7 million square feet (msf) for spaces larger than 20,000 square feet. This accumulates to a total of 5 msf for the first nine months of 2023, a figure nudging closely to the 5.3 msf of total leasing activity recorded in 2022. These findings have been shared by the Savills Legal Tenant Practice Group in their U.S. Law Firm Activity Report Q3 2023.
These intriguing trends bolster the notion that an increasing number of firms are making the strategic decision to expand their workspaces with new leases rather than relocating to new premises. For more detailed insights, read the full article at Law.com.