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U.S. Law Firm Leasing At Record Highs
After a slump during the pandemic, U.S. law firm leasing activity hit a record level in 2022, and activity boomed during the first quarter of 2023 with leasing volume higher than in any previously recorded Q1, a new report finds.
The Cushman & Wakefield 2023 Legal Sector Leasing Trends report found that leasing in the legal sector totaled 14.682 million square feet in 2022, up from less than 11 million in both 2020 and 2021.
While nearly a quarter of all leasing still occurs in New York, Washington, D.C., and Los Angeles, the share of leasing outside the top 10 markets increased from 39% to 49% — the first time activity in the smaller markets nearly drew even with leasing in the 10 major markets.
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