Savills research reveals that Singapore has ranked fourth among the Asia Pacific (Apac) cities in terms of leasing activity in the legal sector for the first half of 2024. This places the city-state behind Shanghai, Beijing, and Hong Kong.
Ashley Swan, Executive Director of Commercial at Savills Singapore, notes that legal firms in Singapore have been quite active in a relatively stable leasing market. Some firms have taken the opportunity to secure new premises in order to revamp their way of working and attract and retain top talent.
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On a global scale, Singapore’s ranking stands at 11th place. The top spot was claimed by New York, with an impressive 1.4 million sq ft of space leased to legal firms in the first half of 2024. This accounts for over half of the 4.3 million sq ft leased by the 15 largest legal markets in the world.
Savills reports that legal activity in the US market dominated the overall global figures, making up 69% of the total leasing activity in the largest legal markets. This trend is primarily driven by the sheer size of the market as well as the preference among US legal firms for lower occupancy density.
While the majority of legal practices around the world have maintained their office space size in the first half of 2024, Savills has pointed out a noteworthy growth in certain areas. In the Europe, Middle East, and Africa regions, 40% of firms have expanded their office space, with notable growth seen in cities such as Paris, Brussels, and London.
In China, domestic legal firms are opting for larger office spaces, which contributes to the overall increase in leasing activity, despite some international firms reducing their physical footprints. Furthermore, Chinese firms have also been expanding in European markets, catering to China-based clients at lower fees compared to their Western counterparts.
Savills has also observed a growing trend among legal firms to consider secondary cities as part of their growth strategies, driven by the availability of competitively-priced legal talent. Many British law firms in the UK are turning to cities such as Manchester, Birmingham, and Glasgow. Similarly, some firms are looking towards Brisbane and Melbourne to support their growth in the Australian market.