Legal office leasing is gradually returning to pre-pandemic norms after seeing lease terms decline throughout 2021, according to Savills U.S. Law Firm Activity Report Q4 2021.
This jibes with nearly every major US office market including, New York, Los Angeles, Chicago and Washington, D.C., which in Q4 2021 posted its highest quarter of transaction volume since the pandemic began.
The flurry of deals in Q4 saw leasing velocity up 18% compared to the prior year. It is likely a sign that tenants are more confident making long-term real estate decisions and ultimately return-to-office plans, even as hybrid work styles are likely to continue.
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