2025年下半年美国律师事务所办公租赁市场研究报告

H2 2025 U.S. law firm trends | H2 2025 Law firm leasing recovery from2019 levels Am Law 100 deals in 2025favored top-tier office space Growth in Am Law 100 relocationterm lengths Law firm leasing has largely rebounded to pre-pandemic levels, approaching the volumerecorded in 2019. The moderation seen year overyear reflects limited availability of top-tier spacerather than weakened tenant interest. Nearly 60% of leases signed by Am Law 100 firms—the 100 largest U.S. law firms by revenue—were executed in trophy and class A+ buildings,while just 3% occurred in class B/C assets. Am Law 100 firms signed leases averaging nearly 11years in 2025, a 13.1% increase from 2024. Extended terms have been growing over the last fiveyears as high-quality availability remains low in majormarkets with limited new construction to aiddemand. This shift reflects intensifying competition fortalent and stricter return-to-office expectations,which have elevated demand for best-in-marketspace. The share of deals in top-tier buildings hasclimbed steadily, up from 45% in 2022. At the same time, law firms are making greateruse of their offices. In 2025, utilization reachedroughly 80% of 2019 levels—the strongestrecovery of any U.S. industry—driven by firmerreturn-to-office requirements and reflected in theAvison YoungBusyness Index. Overall, renewals were slightly more common thanrelocations in 2025, accounting for 52% of all Am Law100 transactions—a share that has grown for fourconsecutive years. This trend is likely to continue untilmore high-quality supply becomes available. With national trophy availability at roughly 16%,and materially lower in more active markets,competition for premier space is expected tointensify, potentially pushing some firms towardclass A alternatives in 2026. Leasing activity & return-to-office Law firm leasing reached over90% of the total activity seen in2019, signaling strong confidencewithin the industry. While activity slowed year overyear, the decline reflects ashortage of high-quality supplyrather than diminishing demand. Actual office utility continues tosoar, largely from more frequentRTO mandates. Law offices in2025 were 80% as busy they werein 2019—the highest recovery ofany industry in the U.S.—according to the Avison YoungBusyness Index. 59% of Am Law 100deals in 2025 werecompleted in high-endbuildings (trophy andclass A+ properties). Availability in high-quality buildings acrossmajor markets standsat just 16.5% andcontinues to decline. Transaction type and avg. term length,Am Law 100 Am Law 100 firms were nearlyevenly split between new orrelocation deals and renewals,with the share of renewalsincreasing over the past fouryears. Term lengths on relocations in2025 averaged nearly 11 years,marking a 13% year-over-yearincrease and the longestaverage recorded in the pastdecade. This comes as high-endavailability continues to tighten,with limited new constructionto appease demand. Largest U.S. law firm transactions | H2 2025 Recent leasing activity Local marketH2 2025 lawfirm trends Atlanta Throughout 2025, 73% of law firm leasing activity in Atlantaconsisted of renewals. This is a significant change from 2024when new deals dominated the market at 70% of leasingactivity. The high volume of renewals highlights a broaderindustry trend in 2025: law firms are carefully weighingwhether to expand, downsize, or maintain their existingfootprints. During 2025, 61% of law firm leases in Atlanta were forspaces under 10,000 square feet (sf), reflecting themarket’sstrong base of small to mid-sized tenants. Notably, 8% ofleases signed during this period were for spaces over 50,000sf—a shift from the same time in 2024, when only 4% ofleases signed exceeded that threshold. In 2025, law firms accounted for 11.9% of Atlanta’s totalleasing activity—anotable increase compared to historicalnorms. Activity began to pick up in 2023 as firms capitalizedon a more tenant-friendly environment, using current marketconditions to secure favorable rates and generousconcession packages—a trend that remains ongoing. Boston Law firms have been a business leader in return-to-office(RTO) policies in Boston since the pandemic and arecommitting tohigh-qualityspace to achieve that goal. Mostlasing activity in H2 2025 occurredin class A buildings,followed by trophy assets, as firms leaned on amenities andupgraded offices to make going into the office moreappealing and productive for employees. Average lease size for law firms is growing again in Bostonwith many of the largest companies renewing or expandingin 2024 and 2025. Commitment to larger space comes as lawfirms in the area are experiencing increased business activityand hiring more employees, further bolstering the Bostonlaw industry. Firms on Am Law 100 saw leasing shift back to Boston’s CBD in2025. While leasing activity was dipped slightly in 2025compared to 2024, the past two years still represent thehighest leasing volumes since 2018—signaling