• At 2.58 million sq. ft., leasing activity reached its highest quarterly total on record in Q3 2019, a 27% increase from Q2 2019 and 81% ahead of the five-year quarterly average.
  • The availability rate decreased to 9.0% in Q3 2019, falling 100 basis points (bps) from the previous quarter and down 180 bps from one year ago.
  • Quarterly net absorption registered positive 767,000 sq. ft. in Q3 2019, pushing YTD net absorption into positive territory for the year.
  • At $83.56 per sq. ft., the average asking rent stood flat quarter-over-quarter, but was up 8% year-over-year.
  • Midtown South landed Manhattan’s largest deal of the year, with Google, Inc.’s 1.30 million sq. ft. lease at 550 Washington Street.