Singapore ranks fourth in Apac for office space taken up by legal firms: Savills
Study by Savills shows that Singapore placed fourth amongst Asia Pacific (Apac) cities in regards to leasing action in the law field for the very first part of 2024. The city-state arrived behind Shanghai, Beijing and Hong Kong.
Globally, nearly all legal practices preserved the similar size of office space in 1H2024, though Savills feature expansions in certain areas. In Europe, Middle East and Africa, 40% of companies expanded office in the first part of the year, bolstered by expansions in Paris, Brussels and London.
Around the world, the city-state rated 11th. New York crowned the lineup, registering 1.4 million sq ft of area contracted out to legal firms in 1H2024. This represented over half of the 4.3 million sq ft leased by the world’s 15 biggest legal sector.
Savills even observes that law companies are increasingly looking to second urban areas when considering growth techniques, attracted by more competitively-priced legal talent. Numerous British law practice in the UK are turning to areas like Manchester, Birmingham and Glasgow. In a similar way, some offices are banking on Brisbane and Melbourne to bolster development in Australia.
In China, local law companies are moving to larger spaces, balancing out a reduction in tangible footprints by some international companies. Chinese firms also expand in European markets, mostly offering China-based customers and operating at lower costs than their Western versions.
According to Savills, United States cities represented 69% of the overall legal leasing activity by the largest law markets, rooted by market size in addition to a needs for cheaper tenancy density by US legal firms.
” For Singapore, law corporations have been fairly involved in a fairly benign leasing market,” says Ashley Swan, managing director of commercial at Savills Singapore. “We have actually observed some companies take up brand-new facilities with a restored way of working as one means of drawing in and retaining talent.”
