Initial findings from the 2018 Metropolis report on office relocation in the UK Law sector revealed that 360 legal sector firms were involved in office property decisions in the year to end 2018.
The survey also found that over 7m sq ft of office space was transacted or required by occupiers searching for alternative space over the last year by law sector firms.
The report found over 120 firms searching for space that were interviewed by Metropolis researchers. Over a half of requirements were prompted by upcoming lease expiries, backed by expansions, mergers and restructuring.
The biggest law sector office deals in London involved leases signed for HQ relocations by Freshfields, DLA Piper, Sidley Austin and Minster Law.
Outside of London, Clyde & Co had the biggest office transaction, with a deal to occupy 69,000 sq ft in the Royal Exchange, Manchester. Simmons & Simmons signed a 12-year lease to occupy the top two floors (27,000 sq ft) of the Aurora building in Finzels Reach, Bristol, from January. Hogan Lovells will take over the eighth floor (23,388 sq ft) of The Colmore Building in Birmingham’s business district, where it currently occupies 7,620 sq ft on the tenth floor.