• Leasing activity totaled 838,000 sq. ft. in Q1 2020, a 39% decrease from Q4 2019, and 41% behind its five-year quarterly average.

• Renewals totaled 239,000 sq. ft. in Q1 2020.

• The availability rate increased to 10.7% in Q1 2020, up 90 basis points (bps) from the previous quarter and up 50 bps from a year earlier.

• At negative 853,000 sq. ft., net absorption weakened from the prior quarter.

• The average asking rent rose 2% from the prior quarter to $86.34 per sq. ft., a new record high, and is up 3% year-over-year.

• The hallmark of Midtown South’s Q1 2020 lackluster performance was the conspicuous absence of any large-scale new leases, which resulted in the slowest leasing activity start for the market in 11 years.

• The average asking rent remained the primary source of strength for Midtown South, which continued to introduce premium new construction and redeveloped product to market.