The pace of office space leasing by law firms slowed in the fourth quarter of 2022, falling by 31% compared to the same period in 2021. But whether this is a sign of a trend or a blip caused by economic uncertainty is not clear, according to a new report on law firm activity by Savills, a global real estate services advisor.
And some of the new leasing that did occur resulted from law firms expanding into new markets such as Miami, Salt Lake City, and cities in Texas.
Despite a slight increase in activity mid-year, only 1.1 million square feet nationally was leased in Q4 22, compared to 1.6 million in Q4 21. "It is likely that real estate is one of the many cost items being considered as avenues for potential savings," Savills noted.
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