Q2 New York Law Firm Report

KEY NUMBERS

• Law firms signed 2,125,568 SF of new leases in Q2 2026 — up 74.9% year-over-year and up 646.75% from Q1 2026
• Year-to-date leasing volume is now 2,410,203 SF, up 34.1% versus the same period last year

WHAT'S DRIVING IT

• Flight to quality: Simpson Thacher and McDermott alone account for 1.1M SF in brand-new developments
• Campus expansion: McDermott is one of four firms now expanding into buildings adjacent to their current HQ (in their case, near One Vanderbilt)
• New market entrant: Taft, one of the few AmLaw 100 firms without a NYC office, is opening at 1155 Avenue of the Americas
• Broad momentum: 8 firms signed new or expanded Manhattan leases this quarter, and 5 firms signed leases over 100,000 SF

TOP DEALS FOR THE QUARTER

• Simpson Thacher — 570 Fifth Ave (Midtown) — 916,000 SF — Relocation
• Cleary Gottlieb — 1 Liberty Plaza (Financial District) — 475,960 SF — Relocation within building
• Alston & Bird — 51 W 52nd St (Midtown) — 169,664 SF — Relocation
• McDermott Will & Schulte — 343 Madison Ave (Grand Central) — 150,000 SF — Expansion
• Baker McKenzie — 452 Fifth Ave (Grand Central) — 122,000 SF — Renewal & Expansion

BOTTOM LINE

The headline growth isn't broad-based — it's being driven by a handful of marquee relocations, as established firms trade up into new construction and premium space for the long term (Simpson Thacher's move alone represents nearly half of this quarter's total volume).