• Quarterly leasing activity totaled 356,000 sq. ft., a slight decrease of 3% from Q1 2018. Year-to-date leasing stands at 723,000 sq. ft., an increase of 10% from a year ago.
  • Market activity was driven by tenant expansions, with limited activity from relocations or tenant migration from Manhattan.
  • Q2 2018 registered 30,000 sq. ft. of absorption causing availability to drop 10 basis points (bps) from the previous quarter as limited new availabilities came online.
  • Asking rents were $42.60 per sq. ft., virtually unchanged due to minimal differences in available inventory quarter-over-quarter.
  • Flexible space provider Spaces leased 31,000 sq. ft. at 41 Flatbush Avenue in Downtown Brooklyn, bringing the total footprint of flexible space operators to more than 1 million sq. ft. in Brooklyn.