Q1 2020 Midtown Market Report

Rates in Midtown continued to explode in the first quarter of 2020, moving up YOY by $4.82 or 13.7%, but slowed down QOQ with only a $0.16 rise. Net absorption for the quarter was positive at almost 700K SF. This puts 1Q20 on pace to triple 2019’s total absorption, though with economic conditions and slower than average leasing velocity, net absorption will likely taper off through the rest of 2020. Class A/B average vacancy sits at 11.3%, down 40bps YOY and down 150bps QOQ due to the quarter’s strong positive absorption.

Published: May 19 | 2020 Download