Singapore ranks fourth in Apac for office space taken up by legal firms: Savills
Savills even observes that legal firms are increasingly trying to second metros when considering growth methods, attracted by even more competitively-priced law talent. Numerous British law firms in the UK are changing to locations like Manchester, Birmingham and Glasgow. Similarly, some offices are banking on Brisbane and Melbourne to reinforce growth in Australia.
” For Singapore, legal companies have been relatively active in a fairly benign leasing marketplace,” says Ashley Swan, executive supervisor of commercial at Savills Singapore. “We have observed some firms take up new properties with a restored means of working as one means of enticing and preserving talent.”
Internationally, the city-state placed 11th. New York topped the lineup, signing up 1.4 million sq ft of space contracted out to law firms in 1H2024. This represented over fifty percent of the 4.3 million sq ft rented out by the globe’s 15 biggest law industry.
In China, local legal companies are moving to bigger places, offsetting a decrease in physical impacts by some worldwide companies. Chinese firms also broaden in European markets, primarily serving China-based customers and operating at reduced fees than their Western counterparts.
Research by Savills reveals that Singapore ranked 4th among Asia Pacific (Apac) metros in terms of leasing activity in the law field for the first part of 2024. The city-state appeared behind Shanghai, Beijing and Hong Kong.
Internationally, most legal systems preserved the similar size of workplace in 1H2024, though Savills highlights extensions in certain areas. In Europe, Middle East and Africa, 40% of firms expanded office in the first half of the year, boosted by expansions in Paris, Brussels and London.
According to Savills, US metros accounted for 69% of the total legal leasing activity by the most extensive legal markets, underpinned by market sizing as well as a choice for lower occupancy density by United States law firms.
