February was a sluggish month for Midtown leasing with overall activity 8 percent off the five year average and the availability rate increasing slightly compared to January.
Leasing activity totaled 1.23 million square feet, roughly 100,000 square feet off the five year average of 1.33 million and the month was largely salvaged through the 550,000 square foot renewal by Publicis at 1675 Broadway. Year to date leasing activity was on par with 2014’s performance with 2.91 million square feet while net absorption was up to end February at -440,000 square feet.
February’s slow performance contributed to growth in the overall availability rate which increased 20 basis points but is still down 80 basis points compared to February 2014. Midtown average asking rates were essentially unchanged at $75.57 but were still 3% higher year-over-year.
For more information about available office space in Midtown, contact Synergy Real Estate Group today.
Photo credit: Andrew Dallos