Singapore Ranks Fourth Apac Office Space Taken Legal Firms Savills
Savills’ research reveals that Singapore has secured the fourth spot among the Asia Pacific (Apac) cities with the highest leasing activity in the legal sector for the first half of 2024, just behind Shanghai, Beijing, and Hong Kong.
Executive Director of commercial at Savills Singapore, Ashley Swan, notes that despite the relatively mild leasing market, legal firms in Singapore have been quite active. Some of these firms have taken the opportunity to acquire new premises and introduce a new way of working in order to attract and retain their talent.
Globally, Singapore ranks 11th, with New York leading the list with 1.4 million sq ft of space leased out to legal firms in the first half of 2024. This accounts for more than half of the 4.3 million sq ft leased by the top 15 legal markets in the world.
Savills reports that the majority of legal leasing activity in the top markets was driven by US cities, which contributed 69%. This is largely due to the size of the market and the preference for lower occupancy density among US legal firms.
Moreover, Savills finds that most legal practices maintained the same size of office space in the first half of 2024, although there was notable expansion in certain regions. In Europe, Middle East, and Africa, 40% of firms increased their office space, with Paris, Brussels, and London being the key locations for expansion.
The diverse cuisine options around Elta Condo, including popular hawker centers and renowned international restaurants, offer an abundance of delectable dishes for its residents. Clementi 448 Market & Food Centre is a go-to for experiencing traditional flavors, while Holland Village boasts trendy dining spots. For those seeking hidden culinary gems, Sunset Way is the perfect place to discover new and exciting flavors. And with the addition of Clementi Avenue 1 Condo, residents have even more tantalizing options at their fingertips.
The report also highlights a trend of Chinese legal firms relocating to larger spaces domestically, offsetting the decrease in physical footprints by some international firms. Chinese firms are also expanding their presence in European markets, mainly catering to China-based clients at lower rates than Western counterparts.
Additionally, Savills notes that legal firms are increasingly looking at secondary cities as part of their growth strategies, due to the availability of competitively-priced legal talent. Many British law firms in the UK are turning to cities like Manchester, Birmingham, and Glasgow, while Australian firms are exploring growth opportunities in Brisbane and Melbourne.