The legal sector comprised 23.7% of Manhattan’s overall leasing last year, marking the highest industry total in over a decade at 4.3 million square feet, according to a new report from Cushman & Wakefield. “Law firms showed a notable pattern of expansion throughout 2023, indicating confidence in the sector,” said Seth Schiffman, Senior Research Analyst. “Renewals were substantial, suggesting a preference for established locations and an overall positive sector outlook.”

Law firms secured a total of 99 leases in Manhattan last year, many of which were signed in the fourth quarter with 1.8 million square feet signed during those months, accounting for 41.5% of the yearly total leased for the sector.

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