Q4 2025 Manhattan Law Firm Report

NYC law firms aren’t shrinking!

Q4 2025 closed with 786,224 SF of law firm leasing activity across 11 firms. Down 21% year-over-year, but that headline misses what’s actually happening.

A few things stood out:

• AmLaw 100/200 firms are growing, not retreating
• Firms are renewing in place when the building still works
• When they do commit, they’re signing longer terms (15+ years)
• Residential conversions are forcing more moves, not market weakness
• Work letter values remain strong at $130–$160/SF

And while Q4 volume dipped YoY, it was up 115.7% from Q3 — a reminder that timing and conviction matter more than noise.