Singapore Ranks Fourth Apac Office Space Taken Legal Firms Savills
A recent study conducted by Savills has revealed that Singapore ranked fourth among Asia Pacific (Apac) cities in terms of leasing activity in the legal sector during the first half of 2024. The city-state trailed behind Shanghai, Beijing and Hong Kong in terms of leasing activity.
Ashley Swan, executive director of commercial at Savills Singapore, noted that legal firms in Singapore have remained active in a relatively stable leasing market. Some firms have even taken up new premises with a refreshed way of working to attract and retain talent.
In terms of global rankings, Singapore came in at 11th place. New York came out on top, with 1.4 million sq ft of space leased out to legal firms, representing more than half of the total 4.3 million sq ft leased by the world’s top 15 legal markets.
The study also found that US cities accounted for 69% of the overall legal leasing activity, driven by market size and a preference for lower occupancy densities by US legal firms.
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Most legal practices globally have maintained the same size of office space in the first half of 2024, but Savills noted some expansions in select areas. In Europe, Middle East and Africa, 40% of firms increased their office space, with expansions seen in Paris, Brussels and London.
In China, domestic legal firms are moving to larger spaces, offsetting a reduction in physical footprints by some international firms. Chinese firms are also expanding in European markets, primarily serving China-based clients at lower fees compared to their Western counterparts.
Savills also highlighted a growing trend in legal firms looking to secondary cities for growth strategies, attracted by more competitively-priced legal talent. In the UK, many British law firms are turning to cities like Manchester, Birmingham and Glasgow. Similarly, some firms are looking to Brisbane and Melbourne to boost growth in Australia.
