Singapore Ranks Fourth Apac Office Space Taken Legal Firms Savills
According to a recent report by Savills, Singapore has ranked fourth among Asia Pacific cities in terms of leasing activity in the legal sector for the first half of 2024. This puts the city-state behind Shanghai, Beijing, and Hong Kong.
Ashley Swan, executive director of commercial at Savills Singapore, notes that despite a relatively stable leasing market, legal firms in Singapore have been active in securing new premises. This has been seen as a way to attract and retain top talent with a refreshed workplace environment.
Globally, Singapore ranks 11th, with New York taking the top spot with 1.4 million sq ft of leased space to legal firms in the first half of 2024. This accounted for more than half of the total 4.3 million sq ft leased by the world’s 15 largest legal markets.
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Savills also reports that US cities dominated the global legal leasing activity, making up 69% of the total. This is due to their larger market size and a preference for lower occupancy density among US legal firms.
Despite most legal practices maintaining the same office size in the first half of 2024, Savills highlights a trend towards expansion in certain areas. This was observed in Europe, the Middle East, and Africa, with 40% of firms expanding their office space. Expansions were seen in cities like Paris, Brussels, and London.
In China, domestic legal firms are relocating to larger spaces, which has offset a decrease in office size among some international firms. Additionally, Chinese firms are also expanding into European markets, where they can serve China-based clients at lower fees compared to their Western counterparts.
Furthermore, Savills notes that legal firms are increasingly looking to secondary cities for growth opportunities, drawn by more affordable legal talent. In the UK, many law firms are turning to cities like Manchester, Birmingham, and Glasgow. Similarly, some firms are expanding into cities like Brisbane and Melbourne in Australia to bolster their growth.