Manhattan Midtown Office Market
Quarterly leasing in Midtown surpassed 8.0 million square feet for the first time this cycle. The quarter's leasing marked a 30.4% increase from the 6.2 million square feet leased last quarter, and a 52.0% increase over the 10-year quarterly average. Year-end velocity was also strong: A total of 26.9 million square feet was leased in 2018, which represents a 10.6% increase over the prior year and 26.3% over the long-term average. Average asking rent ended the year at $82.01/SF, up 2.3% from the prior year and stable from the prior quarter.