And why relocating has become less feasible, according to Savills’ latest report.
Law firm real estate transactions continue to gain momentum in 2024 after achieving a level of leasing demand in 2023 that met pre-pandemic activity, according to a new report from Savills.
Legal sector leasing volume from the first quarter to the third quarter increased by 29.9 percent compared to the same period last year, as shown in the firm’s latest research study.
Interestingly, downsizing transactions were up by 6.7 percent compared to 2023, reflecting law firms’ efforts to adapt their space utilization to shifting market dynamics.
“Over the past four quarters, quarterly leasing volume has averaged 2.3 million square feet, a notable rise from the 1.5 million square feet quarterly average recorded between 2020 and 2023,” according to the report. “This trend highlights the consistent leasing momentum of recent quarters, with volumes frequently surpassing pre- and post-pandemic levels over the past five years.”...
Legal sector leasing volume from the first quarter to the third quarter increased by 29.9 percent compared to the same period last year, as shown in the firm’s latest research study.
Interestingly, downsizing transactions were up by 6.7 percent compared to 2023, reflecting law firms’ efforts to adapt their space utilization to shifting market dynamics.
“Over the past four quarters, quarterly leasing volume has averaged 2.3 million square feet, a notable rise from the 1.5 million square feet quarterly average recorded between 2020 and 2023,” according to the report. “This trend highlights the consistent leasing momentum of recent quarters, with volumes frequently surpassing pre- and post-pandemic levels over the past five years.”...
RSK: The main reason you may ask? Attorneys need collaboration and trial approaches and ideas that can only be done in person.
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- - Volume: 24 - WEEK: 49 Date: 12/4/2024 3:42:32 AM -