Singapore Ranks Fourth Apac Office Space Taken Legal Firms Savills
According to a recent report by Savills, Singapore has emerged as the fourth top city in the Asia Pacific region for leasing activity in the legal sector during the first half of 2024. Shanghai, Beijing, and Hong Kong took the top three spots on the list.
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Ashley Swan, executive director of commercial at Savills Singapore, notes that the city-state’s legal firms have been fairly active in a favorable leasing market. Some firms have even taken on new premises with a refreshed way of working as a way to attract and retain talent.
On a global scale, Singapore ranked 11th, with New York leading the list by leasing out 1.4 million square feet of office space to legal firms in the first half of 2024. This accounted for more than half of the total 4.3 million square feet leased by the 15 largest legal markets in the world.
The report also highlights that US cities dominated the overall legal leasing activity, making up 69% of the market. This is driven by market size and a preference for lower occupancy density among US legal firms.
Despite maintaining the same size of office space for most firms globally, there were expansions in certain locations. In Europe, Middle East, and Africa, 40% of firms increased their office space in the first half of the year, with growth seen in cities such as Paris, Brussels, and London.
In China, domestic legal firms are moving to larger spaces, counteracting the decrease in physical footprints by some international firms. Chinese firms are also expanding in European markets, catering to China-based clients at lower fees than Western counterparts.
The report also notes a trend of legal firms looking to secondary cities as part of their growth strategies, driven by cost-effective legal talent. In the UK, many British law firms are turning to cities like Manchester, Birmingham, and Glasgow. Similarly, some firms are eyeing Brisbane and Melbourne for growth in Australia.