Modern office glasses buildings in Washington DC, USA. Credit: THANANIT/Adobe StockUS Law Firm Leasing Up Nearly 30% Through Q3, With a Growing Number of Firms Staying in Place
Matching a 2023 trend, the majority of U.S. law firms signed leases through Q3 of 2024 are to stay in place, a result of growing improvement costs and a shortage of high-quality space in some core markets.
November 25, 2024 at 05:04 PM
3 minute read
What You Need to Know
- U.S. law firm leasing activity grew by 29.9% during the first three quarters of 2024, compared to the prior year.
- Through Q3, 55.9% of firms signing new leases opted to stay in place, which matched the trend of 2023, but is a shift from early in 2024.
- Leases are getting longer in core markets where the availability of top-quality space is limited.
Law firm leasing activity in the U.S., which returned to pre-pandemic levels in 2023, has continued strong through the third quarter of 2024, with leasing volume at 6.4 million square feet, according to a new report from Savills Legal Tenant.
Leasing activity through the first nine months of the year is up 14.3% compared to the same period in 2019, and 29.9% compared to the same period in 2023.
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