Midtown South leasing activity nearly doubled, quarter-over-quarter. Meanwhile, the available inventory increased with negative absorption while the asking rent average also increased since Q1 2021.
Quarterly Leasing Volume Nearly Doubled
Midtown South’s quarterly leasing volume nearly doubled since Q1 2021 to 1.63 million square feet and was more than twice the 0.64 million square feet of activity recorded in Q2 2020. However, this was still well below the pre-pandemic quarterly leasing average (4.10 million square feet) in 2019.
Midtown South’s Q2 leasing was driven by SPARC Group’s 156,000 sq. ft. new lease at Penn 11, Infor’s 90,000 sq. ft. renewal/expansion at 635-641 Avenue of the Americas and Anthem’s 73,000 sq. ft. new lease at Penn 1.