Singapore ranks fourth in Apac for office space taken up by legal firms: Savills
Around the world, nearly all law systems kept the same size of workplace in 1H2024, though Savills feature developments in specific areas. In Europe, Middle East and Africa, 40% of companies broadened office space in the initial half of the year, strengthened by expansions in Paris, Brussels and London.
Internationally, the city-state rated 11th. New York crowned the listing, signing up 1.4 million sq ft of area leased out to legal companies in 1H2024. This represented over half of the 4.3 million sq ft rented out by the globe’s 15 biggest law markets.
According to Savills, US cities made up 69% of the overall law leasing activity by the most extensive legal markets, underpinned by market size as well as a choice for lower occupancy density by US legal companies.
In China, domestic law companies are moving to larger areas, offsetting a reduction in physical footprints by some global companies. Chinese firms even expand in European markets, mostly serving China-based clients and working at reduced fees than their Western versions.
Research by Savills shows that Singapore rated 4th amongst Asia Pacific (Apac) urban areas in with regards to leasing action in the legal sector for the initial half of 2024. The city-state came behind Shanghai, Beijing and Hong Kong.
Savills also observes that legal companies are increasingly looking to secondary cities when looking into development methods, drawn by even more competitively-priced legal talent. Lots of British law firms in the UK are turning to places like Manchester, Birmingham and Glasgow. Similarly, some law firms are looking to Brisbane and Melbourne to boost growth in Australia.
” For Singapore, legal companies have actually been relatively involved in a fairly benign leasing market,” says Ashley Swan, executive director of business at Savills Singapore. “We have seen some firms occupy new properties with a restored approach of functioning as one means of attracting and keeping talent.”
