Leasing activity totaled 1.88 million sq. ft. in Q2 2018, a 48% increase from Q1 2018, and 42% above the five-year quarterly average.
The availability rate decreased 30 bps to 10.7% in Q2 2018 from the previous quarter and was flat from one year ago.
At 235,000 sq. ft. in Q2 2018, net absorption rebounded from the prior quarter, though remained negative year-to-date.
The average asking rent climbed to a record peak of $78.36 per sq. ft., up 2% from the prior quarter and 9% year-over-year.
Midtown South saw three noteworthy occurrences in Q2 2018: the average asking rent reaching the highest in Manhattan, the leasing of several large block spaces that never hit the availability statistics and the commitment by a big-name TAMI firm to relocate its headquarters to the Union Square submarket.