2025年下半年美国律师事务所办公租赁市场研究报告

H2 2025 U.S. law firm trends | H2 2025 Growth in Am Law 100 relocationterm lengths Am Law 100 deals in 2025favored top-tier office space Law firm leasing recovery from2019 levels Nearly 60% of leases signed by Am Law 100 firms—the 100 largest U.S. law firms by revenue—were executed in trophy and class A+ buildings, Law firm leasing has largely rebounded to pre-pandemic levels, approaching the volumerecorded in 2019. The moderation seen year overyear reflects limited availability of top-tier space Am Law 100 firms signed leases averaging nearly 11years in 2025, a 13.1% increase from 2024. Extended terms have been growing over the last fiveyears as high-quality availability remains low in major This shift reflects intensifying competition fortalent and stricter return-to-office expectations,which have elevated demand for best-in-market At the same time, law firms are making greateruse of their offices. In 2025, utilization reachedroughly 80% of 2019 levels—the strongestrecovery of any U.S. industry—driven by firmer Overall, renewals were slightly more common thanrelocations in 2025, accounting for 52% of all Am Law100 transactions—a share that has grown for four With national trophy availability at roughly 16%,and materially lower in more active markets,competition for premier space is expected to Leasing activity & return-to-office Law firm leasing reached over90% of the total activity seen in2019, signaling strong confidencewithin the industry. While activity slowed year overyear, the decline reflects ashortage of high-quality supply Actual office utility continues tosoar, largely from more frequentRTO mandates. Law offices in2025 were 80% as busy they werein 2019—the highest recovery ofany industry in the U.S.— 59% of Am Law 100deals in 2025 werecompleted in high-endbuildings (trophy andclass A+ properties). Availability in high-quality buildings acrossmajor markets stands Transaction type and avg. term length,Am Law 100 Am Law 100 firms were nearlyevenly split between new orrelocation deals and renewals,with the share of renewals Term lengths on relocations in2025 averaged nearly 11 years,marking a 13% year-over-yearincrease and the longest This comes as high-endavailability continues to tighten, Largest U.S. law firm transactions | H2 2025 Local marketH2 2025 lawfirm trends Atlanta Throughout 2025, 73% of law firm leasing activity in Atlantaconsisted of renewals. This is a significant change from 2024when new deals dominated the market at 70% of leasingactivity. The high volume of renewals highlights a broader In 2025, law firms accounted for 11.9% of Atlanta’s totalleasing activity—anotable increase compared to historicalnorms. Activity began to pick up in 2023 as firms capitalizedon a more tenant-friendly environment, using current market During 2025, 61% of law firm leases in Atlanta were forspaces under 10,000 square feet (sf), reflecting themarket’sstrong base of small to mid-sized tenants. Notably, 8% ofleases signed during this period were for spaces over 50,000 Boston Law firms have been a business leader in return-to-office (RTO) policies in Boston since the pandemic and arecommitting tohigh-qualityspace to achieve that goal. Mostlasing activity in H2 2025 occurredin class A buildings, Firms on Am Law 100 saw leasing shift back to Boston’s CBD in2025. While leasing activity was dipped slightly in 2025compared to 2024, the past two years still represent thehighest leasing volumes since 2018—signaling a resilient law Average lease size for law firms is growing again in Bostonwith many of the largest companies renewing or expandingin 2024 and 2025. Commitment to larger space comes as law Chicago Law firms in Chicago have historically gravitated towardtrophy-quality space, prioritizing top-tier assets. Scarcetrophy availability has driven a shift in 2025, with 90% ofleased square footage in class A product. Firms are Chicago law firms accounted for 13% of leasing activity in2025—down from 2024 and continuing a gradual returntoward pre-pandemic norms. While many firms securedopportunistic deals between 2020 and 2021, upcoming lease Chicago legal job postings rose for a second consecutive year—up 10% from 2024 and up 24% from 2023. Increased lawfirm hiring efforts point to potential leasing momentum,asopportunistic leases signed in the wake of the pandemic near Houston The law firm sector accounted for 10.5% of Houston’s officeleasing activity—its highest post-pandemic share to date.Notably, over 82% of this volume stems from new deals andexpansions rather than renewals. The CBD and Galleria/West Higher-quality assets are securing longer lease terms fromlaw firm tenants, even as the gap between base and effectiverents narrows. This compression reflects a dwindling trophy Flight to quality remains a dominant theme as law firmsmodernize their space and prioritize premium amenities.Trophy and class A+ assets captured 63% of law firm leasing in2025—a trend driven b