• Leasing activity totaled 1.93 million sq. ft. in Q4 2018, a 19% increase from Q3 2018 and 38% above the five-year quarterly average.
  • Total leasing activity for 2018 climbed to a record high of 6.71 million sq. ft., up 35% from 2017.
  • The availability rate decreased 110 basis points (bps) to 9.7% in Q4 2018 from the previous quarter and was down 30 bps from one year ago.
  • Q4 2018 registered positive net absorption of 806,000 sq. ft., pushing 2018’s annual total modestly into positive territory at positive 62,000 sq. ft.
  • The average asking rent finished 2018 at an all-time high of $81.69 per sq. ft., up 6% from the prior quarter and 12% year-over-year.
  • Tenant Improvement allowances continued to rise, reaching $87.88, but at 9% annual growth in 2018, the pace of growth slowed from 14% the previous year.
  • 2018 saw several high-profile firms expand their presence or recommit to Midtown South, particularly within the flexible space and tech sectors.