https://www.law.com/2024/06/27/half-of-us-law-firms-plan-to-upsize-real-estate-footprint-over-next-2-years/
100 Bishopsgate. Credit: Chris Lawrence/ Adobe StockNEWS
For firms expecting to increase their office space in the near future, one focus is moving into secondary markets in the U.S., a recent survey found.
June 27, 2024 at 02:35 PM
3 minute read
What You Need to Know
- 85% of U.S. law firms expects to change the amount of office space they lease over the next two years, a survey found.
- More than half of firms expect to increase their real estate footprint over the next two years.
- Law firm leasing activity in Q1 of 2024 trailed that activity during the same period in 2023 and 2022.
Roughly 85% of U.S. law firms plan to change the size of their real estate portfolio over the next two years, with more than half expecting to add space and about a third planning to reduce it.
That aggressive forecast of growth in office space comes as U.S. law firm office leasing in Q1 of 2024 totaled 3.2 million square feet, an amount that lagged 4.3 million square feet during Q1 of 2023 and 3.6 million square feet during the first three months of 2022.
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