Singapore ranks fourth in Apac for office space taken up by legal firms: Savills
Worldwide, nearly all law systems maintained the same dimension of office space in 1H2024, though Savills highlights expansions in specific locations. In Europe, Middle East and Africa, 40% of business firms increased workplace in the very first half of the year, strengthened by growths in Paris, Brussels and London.
Internationally, the city-state ranked 11th. New york city crowned the listing, signing up 1.4 million sq ft of area leased out to law business in 1H2024. This presented over fifty percent of the 4.3 million sq ft leased by the world’s 15 biggest law sector.
Study by Savills shows that Singapore rated fourth amongst Asia Pacific (Apac) metros in terms of leasing activity in the legal industry for the first fifty percent of 2024. The city-state arrived behind Shanghai, Beijing and Hong Kong.
According to Savills, United States metros made up 69% of the general law leasing event by the biggest law markets, underpinned by market volume in addition to a choice for lower tenancy density by US legal agencies.
Savills even sees that legal firms are significantly looking to secondary cities when looking at growth strategies, drawn by more competitively-priced legal talent. Many British law firms in the UK are changing to locations like Manchester, Birmingham and Glasgow. Similarly, some law firms are looking to Brisbane and Melbourne to reinforce growth in Australia.
” For Singapore, law business have actually been relatively involved in a somewhat benign leasing market,” says Ashley Swan, managing supervisor of business at Savills Singapore. “We have seen some companies use up new areas with an updated approach of functioning as one way of attracting and retaining talent.”
In China, domestic legal firms are relocating to bigger spots, offsetting a decrease in physical impacts by some global companies. Chinese law firms even broaden in European markets, predominantly providing China-based clients and operating at reduced costs than their Western versions.
