The second quarter of this year brought good news for property managers who lease to legal tenants.
In an analysis of law firm transactions of more than 20,000 square feet across the country, leasing activity for the first half of this year represented the strongest on record since the start of the pandemic, according to Savills.
Activity increased 22.3% in the first six months, compared to the same period a year ago. The 1.6 million square feet leased in the second quarter is above the 1.4 million square feet quarterly average since the start of the pandemic.
More key may be that law firm leasing volume is normalizing as firms commit themselves to long-term needs for office space unlike some other industry sectors that prefer to lease short-term.