U.S. Law firms’ share of leasing reaches highest level since 2010
Law firms annual share of total leasing activity 2008 through 2023 YTD
- In major U.S. office markets, law firms tend to increase market activity when perceived to have the greatest leverage—a trend visible in the years following the Great Financial Crisis (2009-2010).
- Greater leverage for tenants implies better deals due to struggling market conditions, creating room in negotiations for historically large concession packages.
- This year so far, law firms have accounted for 14.3% of leasing activity, which is slightly below what was seen in 2009 (15.6%) and 2010 (16.2%).
November 9, 2023
