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NY Q3 2021 Midtown South Office Market Report

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Midtown South leasing activity increased by nearly 60.0%, quarter over quarter. Meanwhile, the available inventory tightened with positive absorption while the asking rent average also increased since Q2 2021.

 

Quarterly Leasing Volume Up Nearly 60%

Midtown South’s quarterly leasing volume increased by 59.6% since Q2 2021 to 2.60 million square feet and was nearly double the 1.31 million square feet of activity recorded in Q3 2020. Although Midtown South recorded its strongest quarterly deal volume in two years and far-exceeded the quarterly average in 2020 (1.51 million square feet), it was well below the pre-pandemic quarterly average (4.10 million square feet) in 2019.


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NY Q3 2021 Midtown South Office Market Report

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