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Finally, some good news for the office market as Law Firms leased more office space in 2023 than they did during any of the pandemic years, 2020-2022. In fact, per this article, they leased more in 2023 than in 2017, 2018, or 2019. #denverofficespace

Finally, some good news for the office market as Law Firms leased more office space in 2023 than they did during any of the pandemic years, 2020-2022. In fact, per this article, they leased more in 2023 than in 2017, 2018, or 2019. #denverofficespace

One industry in particular is standing athwart history and doubling down on the importance of physical office space: law firms, reported Commercial Observer. "Law firms in the U.S. leased some 12 million square feet of office space through the first three quarters of 2023, said David C. Smith, head of Americas insights for brokerage Cushman & Wakefield (CWK). Fourth quarter numbers were still being finalized by press time, but, should 2023’s pace endure, it would exceed the 14.8 million square feet the legal industry leased in 2022 — and would set a new annual record." "The trendlines certainly lean in favor of a record. According to a preliminary C&W analysis, legal sector leasing through the first three quarters came in just 1.6 percent lower than the same nine months in 2022, a spokesperson for the brokerage said in an email. (Fourth quarter numbers from brokerage JLL (JLL) showed 6 million square feet of Manhattan office leases, with law firm deals comprising the bulk of that.)" #unitedstates #office #leasing #lawfirms

Collectively, law firms in the U.S. leased more office space in 2003 than in years preceding the Covid pandemic. A recent Cushman & Wakefield analysis suggests that law firm usage of #officespace could be indicative of broader trends affecting the U.S. office market. Click to read the article > #officeleasing #officerealestate #commercialrealestate #realestatetrends

There’s been a lot of chatter about the decline of office spaces, but the reality is far more nuanced. While some sectors are contracting or shifting to virtual models, others, like law firms, continue to show strong demand for office space. Here’s a closer look at the evolution of Office space, and law law firm leasing activity. According to Savills, U.S. law firm activity report for Q1 2024, as highlighted by Scott Baltic at Commercial Property Executive, law firm office leasing is not only holding steady but actually rising: • Increased Leasing Activity: The first quarter saw a robust 1.7 million square feet of law firm office leases, outpacing the average since 2020. • Relocations on the Rise: Relocations accounted for 54.1% of leasing activity, up from 44.0% in 2023, with many firms moving to newer, high-quality buildings. • Longer Lease Terms: Firms are now more confident in making long-term commitments, moving away from the short-term extensions prevalent during the pandemic. In my experience, I see a substantial number of buildings with the professional tenants growth, are predominantly law firms. This aligns with the broader market trend, reaffirming that law firms continue to be dominant tenants in the professional space, as well as others. This trend highlights a “flight to quality,” where the demand is not limited to modern amenities but extends to factors like prime locations, excellent accessibility, and proximity to major retail and restaurants. The two buildings (95k & 120k) I’m currently involved with are notable examples—they are the largest in the market, with one being the tallest, showcasing that quality is multifaceted and continues to attract tenants. While virtual assistance and telemarketing can thrive remotely, sectors like legal services demonstrate that the demand for quality office space is still very much alive. Stay tuned for more insights as we navigate this dynamic landscape! The Eider Group at Marcus & Millichap #OfficeSpace #LawFirmLeasing #CommercialRealEstate #MarketTrends #QualityRealEstate

In 2023, the U.S. legal industry significantly increased its office space leasing, totaling 16.9 million square feet, the highest since the pandemic and surpassing pre-pandemic years. This trend signals a divergence from broader market patterns, with law firms actively returning to offices and making long-term real estate commitments. Notably, a major deal by Paul, Weiss in Manhattan represented the largest office lease in the U.S. last year. The sector's focus on premium buildings indicates a competitive market for top-tier spaces, affecting overall office market dynamics. While some firms are downsizing or optimizing space, a notable portion is expanding, reflecting a nuanced approach to post-pandemic office needs. The legal industry's leasing activities offer insights into evolving office market trends, emphasizing the value of physical office spaces in business strategies. #smartcap #redmond #kirkland #bellevue #leasing #lawoffice #legalindustry #leasingactivity #officespace

Law firms are setting new record rents amid strong demand across the Big Five office markets. Appreciating the return on investment that top quality workspaces can bring - through talent attraction, staff retention, productivity and office occupancy, as well as the message it communicates to clients and colleagues - only the best will do for legal occupiers. With the dwindling supply of spaces that meet the increasingly stringent requirements and the volume of average lease expiries in the sector doubling in the next five years, the race for space amongst legal occupiers is heating up. Read more in the fill article below, or reach out to myself and Charles Dady. #cushwake

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. #denverofficespace

Amidst the challenges faced by office landlords, the legal sector emerged as a beacon of growth in 2023, driving a remarkable 50% increase in office leases from previous years. Law firms led the charge with 16.9 million square feet committed, signaling a strong preference for in-office work. Interestingly, while 60% of firms chose to relocate, 40% opted to stay put, reflecting diverse strategies within the sector. With average effective rents on the rise and increased tenant concessions, it's an exciting time for legal office space dynamics! #oregonrealestate #portlandrealestate #oregon #oregonrealtor #portlandrealtor #portlandoregon #pnw #commercialrealestateagent #portland #commercialrealestateagent #pdxrealestate #pdx #pdxrealtor #CRE #pnwcommercialrealestate #officespace #warehouse #realestateinvesting #industrialspace #flexspace #commercialproperty #business #land #portlandrealestateagent

Following a record-breaking year in 2023, the legal leasing sector across the Big Five UK #office markets is poised for sustained growth. With average annual lease expiries expected to more than double over the next five years, the momentum shows no signs of slowing. This anticipated surge in demand, coupled with the sector’s preference for premium office spaces and the dwindling supply of top-quality accommodations, lawyers are likely to be a driving force behind further rental growth over the medium term. In our latest insight article, Head of UK Regional Offices Research, Kiran Patel, looks at the Race for Office Space Among Top Law Firms > https://cushwk.co/3SFs0du To speak to our National Office Leasing team, please reach out to Charles Dady. #cushwake #CWLeasing #Legaloffices