Meanwhile, the average asking rent was lower with stable availability despite negative absorption.
Quarterly Leasing Volume Shrank
At 3.82 million square feet, Midtown’s leasing volume shrank by a notable 19.7% since Q4 2021. Demand, however, increased by 14.5% since Q1 2021. The largest leases included Mutual of America’s 252,000 sq. ft. transaction at 320 Park Avenue (new lease after selling minority stake in the building), Touro College’s 243,000 sq. ft. new lease at 3 Times Square and a 236,000 sq. ft. new lease by AlphaSights at 100 Park Avenue.