The latest Deloitte Crane Survey showed that legal firms have been an increasingly important sector for London office demand, accounting for a third of all pre-lets since Q3 2022. The rise reflects strong growth in legal jobs over the past year. In turn, we suspect that is down to the high level of M&A activity following the pandemic, supported by cheap debt. But with interest rates now set to be higher for longer dealmaking activity, and therefore legal and overall office demand, may soon fall back.
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