Law firms committed to 4.3 million square feet of office space in New York City. Photo: Ryland West/ALM US Firms With Expiring Leases Were Much More Likely to Relocate in 2023 Than Stay Put
Law firm leasing activity hit a square-footage record in 2023, with eight of the 10 largest leases in New York, according to a new report from Cushman & Wakefield.
March 20, 2024 at 05:12 PM
3 minute read
Real Estate
What You Need to Know
- U.S. law firm leasing activity hit a record of 16.9 million square feet in 2023.
- Eight of the 10 largest leases were in New York.
- Rents increased, but are still below pre-pandemic levels.
U.S. law firm leasing activity hit a record level in 2023, up by more than 50% when compared with the pandemic-affected 2020 and 2021, and the number of new leases far exceeds renewals, global real estate services firm Cushman & Wakefield finds in its latest U.S. Legal Sector Leasing Report.
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