Fourth-quarter leasing activity totaled 2.12 million sq. ft., an increase of 192% from Q3 2018 and 64% above the five-year quarterly average.
Year-end leasing activity totaled 5.54 million sq. ft., a 1% increase from the previous year.
Tenants migrating into the market accounted for 1.87 million sq. ft. of activity in 2018, up 17% from the prior year.
Tenants relocating out of the market in Q4 totaled 1.12 million sq. ft., with Deutsche Bank leaving its long-time HQ at 60 Wall Street in favor of 60 Columbus Circle. Despite this, annual net in-migration remains positive at 748,000 sq. ft.
The availability rate declined 110 basis points (bps) from Q3 2018, and 30 bps from a year ago, ending the quarter at 13.2%.
Quarterly net positive absorption registered 1.04 million sq. ft., bringing year-to-date positive absorption to 318,000 sq. ft.
Average asking rent, at $60.23 per sq. ft., remained virtually unchanged since Q3 2018, but is down 3% from a year ago.