Elevated law firm leasing momentum from 2023 has carried into 2024, with year-to-date activity on an upward trajectory. The Legal Tenant analyzed law firm transactions over 20,000 square feet (sf) across key U.S. markets and noted continued healthy leasing activity amongst the sector.
Key Findings
- Year-to-date law firm leasing totals 6.4 million square feet (msf), up 29.9% from the same period last year and 14.3% from the same period in 2019.
- As of 2024 year-to-date, 55.9% of firms have chosen to stay in place, driven by diminishing high-quality options, escalating improvement costs, and landlord financial constraints that have made relocating less feasible.
- Occupancy changes in 2024 were nearly balanced between downsizes (35.4%), expansions (34.5%), and negligible size changes (30.1%).
Law Firm Average Lease Term (Years) for New Leases and Renewals in Core U.S. Law Firm Markets
