Avison Young：2025年下半年美国律师事务所办公租赁市场研究报告（英文版）（16页）.pdf

1、Page 1U.S.law firm report|H2 2025U.S.law firm reportH2 2025Page 2U.S.law firm report|H2 2025Law firm leasing has largely rebounded to pre-pandemic levels,approaching the volume recorded in 2019.The moderation seen year over year reflects limited availability of top-tier space rather than weakened te

2、nant interest.At the same time,law firms are making greater use of their offices.In 2025,utilization reached roughly 80%of 2019 levels the strongest recovery of any U.S.industry driven by firmer return-to-office requirements and reflected in the Avison Young Busyness Index.Nearly 60%of leases signed

3、 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.This shift reflects intensifying competition for talent and stricter return-to-office expectations,which have elevated demand for best-in-market space

4、.The share of deals in top-tier buildings has climbed steadily,up from 45%in 2022.With national trophy availability at roughly 16%,and materially lower in more active markets,competition for premier space is expected to intensify,potentially pushing some firms toward class A alternatives in 2026.Am

5、Law 100 firms signed leases averaging nearly 11 years in 2025,a 13.1%increase from 2024.Extended terms have been growing over the last five years as high-quality availability remains low in major markets with limited new construction to aid demand.Overall,renewals were slightly more common than relo

6、cations in 2025,accounting for 52%of all Am Law 100 transactions a share that has grown for four consecutive years.This trend is likely to continue until more high-quality supply becomes available.Law firm leasing recovery from 2019 levelsAm Law 100 deals in 2025 favored top-tier office spaceGrowth