Manhattan Law firms’ share of leasing activity approaching 2010 levels

graph of Manhattan law firms share of total office leasing activity annually from 2008 to 2023

Historically, law firms have become more active in the market when they perceive they have the greatest leverage, a trend that became evident in the years following the Great Financial Crisis in 2009-2010.

Concession packages for most asset classes are currently near their all-time peak, providing tenants with the opportunity to secure the best possible deals in terms of concessions.

Year-to-date, law firms accounted for 14.3% of leasing activity, just slightly below the 14.4% recorded in 2010. This figure has seen an 8.2 percentage point increase from the 2022 level, which was at 6.1%.

Get market intel

US-NY-NYC New York