October 19, 2021
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Law Firm Leasing Appears to Be Rebounding From Pandemic Lows | The American Lawyer - The American Lawyer

New York City Midtown with Empire State Building.
New York City Midtown with Empire State Building. Credit: romanslavik.com/Adobe Stock

What You Need to Know

  • Leasing activity among law firms increased by 51% in Q3 over the previous quarter, according to a report by Savills US.
  • The 2.1 million square feet leased in Q3 is the highest average quarterly figure since the beginning of 2020.
  • Savills notes that, despite the rebound, there remains plenty of space availability and landlords are still willing to make concessions in lease negotiations.

Law firm leasing activity in the U.S. has risen to the highest quarterly total since the beginning of 2020, a recent report found, as firms looking to the post-pandemic future plan on office space being an important part of their long-term strategy.

Law firms leased roughly 2.1 million square feet in Q3 across several major markets, according to a report by Savills US, which only tracks leases of 20,000 square feet or more. The figure represents a 51% increase from the last quarter, when firms leased just 1.4 million square feet.

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source: https://www.law.com/americanlawyer/2021/10/19/law-firm-leasing-appears-to-be-rebounding-from-pandemic-lows/

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