Legal Sector Leasing Insights

Latest legal sector occupancy trends and national leasing activity

Current trends in leasing activity in the legal sector are all pointing toward a new normal level of leasing activity as legal occupier demand saw elevated levels in 2022 and 2023 that have sustained through Q3 2024. Legal leasing activity in Q3 2024 reached 3.4 msf, slightly below post-pandemic averages but nothing to be concerned about given the 5.0 msf (revised) in Q2 2024. Expectations of a slightly strong fourth quarter will likely place 2024’s legal sector leasing totals around 15.0 msf, which would surpass 2022’s 14.8 msf but fall short of 2023’s record 16.9 msf.

KEY TAKEAWAYS

CONSISTENCY OF DEMAND: Another year of strong leasing activity potentially indicates a normalization of heightened post-pandemic demand for the legal sector. Aggregate leasing activity through the first three quarters is nearly identical in 2022, 2023 and 2024 at approximately 12 million square feet (msf).

MARKET DIFFERENCES: Variance in leasing activity across markets is normal and expected due to the cyclical nature of occupier demand. The Dallas/Fort Worth market is having its strongest year since 2017 as it nears 1.0 msf of leasing activity while Los Angeles, San Francisco and Atlanta are also experiencing significantly higher levels of leasing activity compared to last year.

SIMILAR FOOTPRINTS: The share of firms refusing to make changes to their footprints is the largest it’s been since 2017 due, in part, to uncertainties surrounding the economy and potential effects of the 2024 election cycle. On average, firms that are downsizing are releasing more space than expanding firms are growing into, resulting in an average net change in lease size of -8.9%.

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