NEW YORK CITY—With employment at its highest level since 2008, the legal services sector posted its highest leasing volume here in well over a decade, according to a report released by Colliers International.
The brokerage firm reports that Manhattan law firms leased 2.67 million square feet in 2017, up 16.1% over 2016's leasing levels. Last year's leasing activity was the highest in Manhattan since 2014 when the legal sector amassed 3.65 million square feet of lease deals.
Law firms accounted for 7.2% of all Manhattan leasing last year, up from 6.9% in 2016. Most of the activity centered on lease renewals and renewals and expansions, which most often included less generous concession packages as compared to new lease transactions, Colliers states.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
