Leasing activity among law firms kicked up by more than 43% in the second quarter after hitting pandemic-era lows in mid-2021, with seven deals exceeding 100,000 square feet. 

New research from Savills suggests that leasing volume is on par with the quarterly average over the last four years, clocking in at 1.6 million square feet. The largest deals include Baker Botts' 172,000 sf restructure in Houston, Clifford Chance's 144,000 sf relocation in New York, Quinn Emanuel's 135,000 sf renewal in Los Angeles and Holland & Knight's 100,000 sf+ relocation and renewal in New York and Boston, respectively.

But "over time, leasing volume may no longer consistently reach the highs seen in years past as more firms look to have greater space efficiency," Savills' Tom Fulcher and Devon Munos say. "It appears that flexible in-office work schedules are here to stay, and firms are reimagining their offices to best support that change. Moving forward there may be less dedicated offices, and more space for shared use and collaboration space across firms. As densification continues, this will likely leave a surplus of office space available in the market in years to come."