Manhattan Law Firm Report Q3 2025
Highlights:
- Large law firms continue to struggle to grow within their current buildings—forcing them to lease expansion space in buildings nearby
- Relocation rather than renewal: As 5 of the 7 law firms with leases expiring decided to relocate rather than renew
- Residential conversions are in fact having a direct impact on law firms—causing them to relocate to other buildings
- 364,520 SF of leases were signed in Q3 2025 which is 35.5% decline YoY vs Q3 2024