Law firms leased 3.2 million sf of office space in the first quarter, surpassing previous highs in 2019 and 2021. The evolving trend towards hybrid work, with 2 days remote and 3 days in the office, offers attorneys flexibility for collaboration and performance.

Law Firms Are a Bright Spot in a Dreary Office Leasing Market

By  Kelsi Maree Borland

Law firms have a history of supporting the office market. During the creative office revolution, law firms provided a lifeline to traditional office owners, and in the midst of today’s office market correction, law firms remain fervent users of office space.

From the adoption of hybrid work styles to retiring the corner-office mentality, they are emerging as an example of how the office market will evolve, say Raymond Trevisan, CRE, executive managing director with Cushman & Wakefield and a member of the Counselors of Real Estate, and Anthony DellaPelle, CRE, the global chair of the Counselors of Real Estate, two experts in law firm leasing.

Law firms are voraciously leasing office space, even as office demand in the US has fallen sharply. According to research from Cushman & Wakefield, law firms have accounted for 7.2% of office leasing activity in major markets, and firms have committed to 3.2 million square feet of space in the first quarter of the year alone. The activity exceeds leasing activity for the sector in1Q19 and 1Q21, and it puts law firms on track for another strong year of leasing activity