Manhattan Midtown South Office MarketView Snapshot June 2020

• Monthly leasing activity totaled 86,000 sq. ft., down 81% from the five-year monthly average of 458,000 sq. ft.

• Year-to-date leasing activity was down 57% from the same period last year.

• Renewals totaled 13,000 sq. ft. in May, bringing the year-to-date total to 252,000 sq. ft.

• The availability rate remained unchanged from last month, but was up 40 basis points (bps) from one year ago.

• Net absorption was positive 25,000 sq. ft. in May, bringing the year-to-date total to negative 685,000 sq. ft.

• The average asking rent was $86.63 per sq. ft., virtually unchanged from last month and up 4% from one year ago.

• Sublease availability decreased 10 bps to 2.5% month-over-month, with an average asking rent of $67.94 per sq. ft., up 8% from a year ago.