Midtown South leasing activity increased by almost one-half, quarter-over-quarter. However, the availability rate grew to a record-high. Absorption was negative while the asking rent average decreased.
Lowest Yearly Leasing Volume Since 2012
Midtown South’s quarterly leasing volume increased by 45.6% since 3Q 2020 to 1.91 million square feet. However, year-over-year leasing activity decreased by 60.4%. Additionally, full-year 2020 leasing activity (6.03 million square feet) was 63.3% less than the 16.41 million square feet leased in 2019 and was Midtown South’s lowest yearly leasing volume since 2012.