Major office markets started to stabilize in the third quarter of 2021. That is also true for law firms, which saw the "strongest leasing volume since the onset of the pandemic," according to a new report from Savills.
The study was of large law firms using more than 20,000 square feet of space each. In total, they leased 2.1 million square feet in major urban markets. It's the largest number since the pandemic started and a 51% increase from 2021′s Q2.
But it also stands out in another way, as "there was also an increase in law firms signing new leases—opposed to the renewals and restructures that had dominated over the past few quarters," the report stated. New leases (including relocations and new locations) accounted for 55% of law firm activity in Q3 by square footage—bolstered by a handful of very large transactions."
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