• Midtown finished Q4 2019 with 6.36 million sq. ft. of leasing activity, its highest quarterly total since 2001.
  • Despite Q4 net absorption of positive 544,000 sq. ft., large block additions throughout the year drove yearly net absorption to negative 2.71 million sq. ft.
  • The availability rate decreased 20 bps quarter-over-quarter to 11.3%.
  • At $86.35 per sq. ft., the Midtown average asking rent fell 3% quarter-over-quarter but is up 10% from last year.
  • The average tenant improvement (TI) allowance for new leases of raw space completed through Q4 2019 remained at $106 per sq. ft. and 14 months free rent.