Overall law firm leasing activity was higher for the first quarter of 2024 than it was during the same period over the last four years, with more than half of the U.S. law firms that signed leases in Q1 relocating to new space, according to Savills’ Q1 2024 U.S. Law Firm Activity Report.
Leasing activity in the legal sector was up 47.6% in Q1 compared to the same three-month period in 2023, according to the report, which analyzed leases of at least 20,000 square feet. Law firms leased a total of 1.7 million square feet during Q1 2024, which surpasses the average of 1.5 million square feet from 2020 through 2023,