The legal sector comprised 23.7% of Manhattan's overall leasing last year, marking the highest industry total in over a decade at 4.3 million square feet, according to a new report from Cushman & Wakefield. "Law firms showed a notable pattern of expansion throughout 2023, indicating confidence in the sector," said Seth Schiffman, Senior Research Analyst. "Renewals were substantial, suggesting a preference for established locations and an overall positive sector outlook."
Law firms secured a total of 99 leases in Manhattan last year, many of which were signed in the fourth quarter with 1.8 million square feet signed during those months, accounting for 41.5% of the yearly total leased for the sector.
The Sixth Avenue/Rock Center and Grand Central submarkets accounted for 68.8% of annual legal sector leasing. Renewals constituted 45.7% of the legal sector's leasing activity for the year, while four of the five largest new leases by law firms involved expansions, suggesting a robust demand within core legal submarkets.
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"Data from these reports presents a dual narrative: on one side, the legal sector is charting a course of growth, while on the other, we recognize the overall adjustment in Manhattan's office leasing landscape," said Lori Albert, Director of Tri-State Research.
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