The Savills Legal Tenant reviewed law firm activity over 20,000 square feet (sf) through the first half of 2019, tracking transactions across key U.S. markets.
Nearly 4.0 million square feet (msf) were leased by law firms in this period, comprising a mix of relocations, renewals and expansions.
- New York City and the District of Columbia were the most active markets, accounting for more than one third of all law firm transactions, combined.
- Relocations significantly outpaced renewals, accounting for 57.8% of total midyear law firm activity.
- New construction remains a top choice in markets where the development pipeline is plentiful, with 28.6% of all relocations occurring in new product.
- Compared to other industries, law firm demand accounted for a small portion of national leasing – just 5.9% of total square footage leased across the U.S. through midyear.