Leasing activity among US law firms dipped to 1.1 million SF in Q1 2022 after ending 2021 with two consecutive quarters of 1.5M SF in leasing volume, according to the latest report from Savills.
"While still well above the lows seen earlier in the pandemic, leasing volume within the legal sector was relatively tepid compared to the last two quarters," Savills said.
Since 2018, the five-year average for law firm leasing volume has been 1.4M SF. Law firm lease volume peaked in 2019 at about 2.8M SF, then plunged to 1.5M SF in Q1 2020; the lease volume bottomed out in Q2 2021 at about 800K SF.
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