(Credit: Claimcreative/Adobe Stock) US Law Firm Leasing on Upswing in 2023, Hitting Highest Mark Since 2019
The Savills Legal Tenant U.S. Law Firm Activity Report Q4 2023 found that more than half of the new leases signed in 2023 were by firms staying in their space, and New York was the top market for leasing.
February 23, 2024 at 03:06 PM
4 minute read
What You Need to Know
- U.S. law firm leasing activity swelled in 2023, increasing by 45.1% when compared with 2022.
- Firms stayed in place with the majority of the leases signed in 2023.
- Total leasing square footage in 2023 was the highest since 2019, prior to the pandemic.
Shaking off the effects of the pandemic, U.S. law firm leasing surged in 2023, up 45.1% when compared with 2022, and more often than not, firms signed new leases to stay in their current space, according to the Savills Legal Tenant U.S. Law Firm Activity Report Q4 2023.
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