Midtown South leasing activity decreased by more than one-half, quarter over quarter. Meanwhile, the available inventory increased to a record-high with negative absorption while the asking rent average increased since Q4 2020.
Leasing Volume Down More Than Half
Midtown South’s quarterly leasing volume decreased by more than one-half since Q4 2020 to 0.87 million square feet. Additionally, year-over-year leasing activity shrank by nearly 60.0% and was almost 80.0% less than the pre-pandemic quarterly leasing average (4.10 million square feet) in 2019.