Stepping back a little from midyear, law firm leasing activity slowed during the fourth quarter of 2022, as the industry began “pulling back” due to prospects of an economic downturn.

The Savills U.S. Law Firm Activity Report Q4 2022 found that firms leased 1.1 million square feet during the quarter, a 31% decline from leases of 1.6 million during the same period a year ago. In another comparison, firms leased 1.7 million during the third quarter of 2022.

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