2024 Bright Insight

All Leases – Percent of New Leases Vs. Renewals

Law firms haven’t shied away from relocations and do still see value in upgrading to more efficient, modernized space in the wake of present challenges. In 2023, 53% of firms opted to sign a new lease, rather than renew, and 59% in the first quarter of 2024 did the same which is in line with historical averages. In 2020, when offices were essentially empty and uncertainty about future use was at an all-time high, leasing behavior favored renewals (at 55%) for the first time when firms weren’t as willing to make the investment in space upgrades and most attorneys and staff worked from home. However, as attorneys and staff began returning to the office in 2021, preference for new leases returned.

41%

41%

42%

43%

47%

48%

55%

59%

59%

58%

57%

53%

52%

45%

2018

2019

2020

2021

2022

2023 2024 YTD

New Leases Renewals

Source: Cushman & Wakefield Research

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