• Q2 2018 was the strongest quarter of leasing activity since 2015, exceeding 5.0 million sq. ft. for only the third time in more than a decade.
  • With 9.50 million sq. ft. of leasing activity, Midtown had its highest mid-year total since 2015 and is on pace to have its highest year-end total in 12 years.
  • The traditional core of Midtown has driven leasing activity, with Grand Central, Park Avenue and Sixth Avenue/Rock Center combining for 4.96 million sq. ft., their highest mid-year total since 2006.
  • The addition of several large block availabilities to the statistical sample drove quarterly net absorption to negative 276,000 sq. ft.
  • The availability rate increased 10 bps quarter-over-quarter to 11.3%, but dropped 90 bps from this time last year.
  • Tenants in financial services* accounted for 31% of year-to-date leasing activity, followed by law firms/legal services, at 19%.