Leasing activity totaled 200,000 sq. ft. in Q4 2020, a 93% increase from Q3 2020, but 84% behind the five-year quarterly average. 

Annual leasing activity for 2020 fell to 1.49 million sq. ft., down 79% from 2019. 

Annual renewal activity for 2020 fell to 842,000 sq. ft., down 26% froom 2019, but ahead of the five-year annual average by 7%. 

Annual leasing velocity, which includes leasing and renewal activity, for 2020 fell to 2.33 million sq. ft., down 71% from 2019. 

Renewal activity accounted for a 36% share of total leasing velocity in Midtown South in 2020, up from 2019's 14% share. 

The availability rate increased 230 basis points (bps) to 15.7% in Q4 2020 from the previous quarter and was up 590 bps from one year ago. 

Q4 2020 registered negative absorption of 1.81 million sq. ft., pulling 2020's annual total down to negative 4.82 million sq. ft.

The average asking rent finished 2020 at $79.91 per sq. ft., down 4% from the prior quarter and 6% year-over-year.

Total available sublease space rose 31% to 3.91 million sq. ft. from Q3 2020 and now represents 31% of all available space - up from 26% at year-end 2019.