In 2023, leasing activity for U.S. law firms escalated to record levels, rising over 50% in comparison to the pandemically-influenced years of 2020 and 2021. According to findings from global real estate services company Cushman & Wakefield, the count of new leases markedly surpassed renewals (U.S. Legal Sector Leasing Report).
Cities such as New York and Chicago saw the greatest surges in leases signed in 2023. However, when looking at other notable markets, the most considerable reductions in leasing activity were seen in Houston and Dallas.
Eight out of the ten most substantial leases in 2023 were situated in New York, helping to solidify a year that was characterized by a peak in law firm leasing activity.
For a more detailed overview of the findings, you may refer to the full report on The American Lawyer. Please note that full access to the article is paywalled.