Relocations Accounted for More Than Half of US Law Firm Leases in Q1, Bucking Prior Trend
Overall U.S. law firm leasing activity during Q1 of 2024 was higher than Q1 during the last four years, a new report from Savills Law Firm Tenant found.
May 29, 2024 at 03:26 PM
3 minute read
Real EstateThe original version of this story was published on The American Lawyer
What You Need to Know
- More than half of U.S. law firm leases signed during Q1 of 2024 were relocations, a shift from a 2023 trend.
- Leasing during Q1 was the highest since the Q1 of 2019.
- Leases got shorter during the pandemic, but have gradually gotten longer over the last two years.
Overall law firm leasing activity was higher for the first quarter of 2024 than it was during the same period over the last four years, with more than half of the U.S. law firms that signed leases in Q1 relocating to new space, according to Savills' Q1 2024 U.S. Law Firm Activity Report.
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