2023 saw an impressive upswing in U.S. law firm leasing. With a 45.1% increase compared with the previous year, this marks the most activity in this space since 2019. This information comes from the Savills Legal Tenant U.S. Law Firm Activity Report Q4 2023, showing a robust recovery from the pandemic effects.
Interestingly, law firms weren’t just holding onto their spaces – they were growing. Of the leases signed in 2023, 43.6% represented an expansion of current premises, a solid jump from the 28.5% recorded in 2022. Even more tellingly, 56% of the leases were signed with the intention of staying in place. That’s a marked shift from 33.9% during the previous year.
New York stood out as the hotspot for law firm leasing in 2023. Further insights can be gleaned from the full Q4 2023 report .