• Leasing activity totaled 1.18 million sq. ft. during Q1, down 30% from Q4 2019, and 10% behind the five-year quarterly average.

• Q1 2020 leasing velocity totaled 1.74 million sq. ft.—down 24% from the same quarter last year.

• Tenants migrating into the market accounted for 406,000 sq. ft., or 34% of leasing activity during Q1 2020—down from 53%  during Q4 2019.

• The availability rate increased slightly since Q1 2020, ending the quarter at 12.4%—a 30 basis-point (bps) increase since year-end 2019.

• Sizable space additions in Q1 led to 360,000 sq. ft. of negative absorption.

• Average asking rents in Q1 2020 inched up to $63.51 per sq. ft.—a new all-time high.

• New York State has extended the Lower Manhattan leasing and relocation incentive programs for an additional three to five years. These programs have been a key contributor in drawing new tenants to the Downtown market.