• Midtown finished Q3 2019 with 2.94 million sq. ft. of leasing activity, 32% behind its five-year quarterly average.
  • Below-average leasing activity combined with several large-block space additions drove quarterly net absorption to negative 2.09 million sq. ft.
  • The availability rate increased 90 basis points (bps) quarter-over-quarter to 11.5%.
  • At $89.45 per sq. ft., the Midtown average asking rent increased 2% quarter-over-quarter to a new record high.
  • The average tenant improvement (TI) allowance for new leases of raw space completed through Q3 2019 reached $106 per sq. ft. and 14 months’ free rent.