Midtown leasing activity totaled 1.43 million sq. ft. in Q4, 64% below its five-year quarterly average, and down 78% year-over-year. The annual total amounted to 8.82 million sq. ft.
Net absorption was negative 4.57 million sq. ft. in Q4, bringing the year-end total to 10.07 million sq. ft.
Renewals totaled 1.23 million sq. ft. in Q4, bringing the year-end total to 4.80 million sq. ft., up 7% year-over-year. Renewals accounted for 35% of total velocity in 2020 and only 21% in 2019.
Leasing velocity - new leasing activity and renewals - amounted to 2.66 million sq. ft. in Q4, bringing the year-end total to 13.62 million sq. ft., down 37% year-over-year.
The availability rate increased 180 basis points (bps) from Q3 to 15.4%, the highest level since 1993.
At $82.10 per sq. ft., Midtown average asking rent fell 3% from Q3 and 5% from the prior year.
Sublease space - 9.04 million sq ft. - accounts for 24% of all available space, down from 25% at year-end 2019.