Midtown’s quarterly leasing volume decreased since 3Q 2020. Additionally, asking rents were lower with record-levels of supply along with negative absorption.
Lowest Yearly Leasing Volume on Record
Midtown’s quarterly leasing volume fell by nearly one-half since 3Q 2020 to 1.49 million square feet, Midtown’s lowest quarterly leasing activity on record. Leasing volume also decreased by 66.4%, year-over-year. Moreover, Midtown’s full-year leasing activity (9.23 million square feet) was 41.8% less than the 15.85 million square feet leased in 2019, representing the lowest year of activity in Midtown so far this century.