U.S. law firm leasing, a strong indicator of office health, has rebounded with “record-breaking” results, according to Savills.
In the fourth quarter, law firm leasing reached 10.2 million square feet. That’s a 31.4% surge from the 7.7 million square feet in 2023 and a 21.4% rise from the 2019 peak of 8.4 million square feet. The final quarter accounted for 37.2% of all activity, and was a key contributor to the success.
“This milestone marks 2024 as the most robust year in over five years, highlighting the legal sector’s revived demand for office space,” Savills wrote. During 2024, quarterly leasing averaged 2.5 million square feet, far stronger than the 1.5 million square feet quarterly average from 2020 to 2023. The firm saw the results as a return to pre-pandemic activity for the sector.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
