{"id":1004715521,"date":"2024-05-30T02:40:00","date_gmt":"2024-05-30T10:40:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004715521"},"modified":"2024-06-12T04:34:29","modified_gmt":"2024-06-12T12:34:29","slug":"law-firm-office-leasing-continues-to-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/","title":{"rendered":"Law Firm Office Leasing Continues to Rise"},"content":{"rendered":"\n

Law firm office leasing activity is up, relocations are rising again after toppling in 2023 and lease terms are trending longer, according to Savills\u2019 U.S. law firm activity report<\/a> for the first quarter of 2024.<\/p>\n\n\n\n

In addition to its recent data on law firm office lease transactions of more than 20,000 square feet across major U.S. markets, the report puts the information into the context of legal sector leasing trends going back to 2017 and 2018.<\/p>\n\n\n\n

Legal sector leasing activity has begun 2024 robustly, at 1.7 million square feet in the first quarter, somewhat ahead of the quarterly average (1.5 million square feet) since 2020. Savills attributes this strong first quarter mostly to \u201can overall rise in transaction activity,\u201d rather than a small number of large leases. The report notes that the past quarter saw a 47.6 percent increase, year-over-year, in the number of leases signed.<\/p>\n\n\n\n

\"Quarterly
Quarterly law firm leasing volume. Chart courtesy of Savills North America<\/em><\/figcaption><\/figure>\n\n\n\n

Relocations totaled 54.1 percent of leasing activity in the first quarter, an increase from 44.0 percent in 2023. The majority of firms that relocated moved to newer buildings, despite what Savills describes as the limited availability of newer, high-quality building options in many office markets.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: Designing an Office Experience That Feels Like Home<\/a><\/p>\n\n\n\n

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Other factors in law firms\u2019 decision process are the significant increase in the cost of tenant improvements over the past three years and many landlords\u2019 debt issues, making improvement capital more difficult to come by. <\/p>\n\n\n\n

\"Law
Law firm moves. Chart courtesy of Savills North America<\/em><\/figcaption><\/figure>\n\n\n\n

New confidence? <\/h2>\n\n\n\n

\u201cThere\u2019s a trend toward longer lease terms as firms regain confidence, moving away from the short-term extensions prevalent during the pandemic,\u201d Savills reports.<\/p>\n\n\n\n

Savills\u2019 fourth-quarter 2023 law firm leasing report saw a similar trend toward longer lease terms.\u00a0Thomas Fulcher, Savills vice chairman, Mid-Atlantic region lead & director, told Commercial Property Executive<\/em> then<\/a>: \u201cDuring the pandemic, firms held off on negotiating as they waited to see what the future held. Now that many firms\u2019 workplace strategies are becoming clearer, they are making long-term decisions with more and more confidence.\u201d<\/p>\n\n\n\n

The latest report lists Boston, Chicago, Dallas, Los Angeles, San Francisco and Washington, D.C., as cities where lease terms are increasing\u2014and Houston and New York City as markets where lease terms are falling or remaining flat.<\/p>\n","protected":false},"excerpt":{"rendered":"

By at least three metrics, commitments from the legal sector are moving in positive directions.<\/p>\n","protected":false},"author":882,"featured_media":1004715534,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,23891,21742,21747,51037],"tags":[34107],"class_list":["post-1004715521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-national","category-latest","category-office","category-trends","tag-savills"],"acf":[],"yoast_head":"\nLaw Firm Office Leasing Continues to Rise - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Law firm office leasing activity is up, relocations are rising and lease terms are trending longer, according to Savills\u2019 Q1 2024 report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Law Firm Office Leasing Continues to Rise\" \/>\n<meta property=\"og:description\" content=\"Law firm office leasing activity is up, relocations are rising and lease terms are trending longer, according to Savills\u2019 Q1 2024 report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-30T10:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-12T12:34:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Law-firm-moves.png\" \/>\n\t<meta property=\"og:image:width\" content=\"803\" \/>\n\t<meta property=\"og:image:height\" content=\"615\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/\",\"name\":\"Law Firm Office Leasing Continues to Rise - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Law-firm-moves.png\",\"datePublished\":\"2024-05-30T10:40:00+00:00\",\"dateModified\":\"2024-06-12T12:34:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Law firm office leasing activity is up, relocations are rising and lease terms are trending longer, according to Savills\u2019 Q1 2024 report.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/law-firm-office-leasing-continues-to-rise\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Law-firm-moves.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Law-firm-moves.png\",\"width\":803,\"height\":615,\"caption\":\"Law firm moves. 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