Midtown’s quarterly leasing volume increased since the previous quarter. However, asking rents decreased with more supply and negative absorption.
YTD Leasing Volume Fell by Nearly One-Third
Midtown’s quarterly leasing volume increased by 53.5% since 2Q 2020 to 2.89 million square feet. However, leasing volume decreased by 9.4%, year-over-year. Leasing volume during the first three quarters of 2020 (7.73 million square feet) was nearly one-third less than the 11.40 million square feet leased during the same period last year.