Midtown South and Downtown continue their hot streaks, according to CBRE. Across the former, April leasing activity soared to 30% above the area's five-year monthly average of 330,000 square feet. The month saw positive absorption and an increase of $3.01, or 5%, on average asking rent, putting it at a record-high $63.11 per square foot for the month. The Downtown market recorded its fifth consecutive month of above-average leasing, with total activity for the month pacing 63% ahead of the market's five-year monthly average of 350,000 square feet. The year-to-date absorption mark remained in positive territory while the average asking rent remained stable during the month.

CT tells a different story. Midtown South “staggered” through April, the firm's report states, with the availability rate soaring by 50 basis points to 9.5%, it's highest level in 17 months. Negative absorption of 397,200 square feet was cited, as the result of space added to the market at 114 Fifth Ave. CT reported similar results to CBRE on average asking rents, when combining increases in class A and class B buildings.

Downtown, CT cited three large deals that were done but the company reports an availability increase of 10 basis points to 13.5%. Also, it asserts that asking rents “continued to climb,” with Class A asking rents rising $0.81 per square foot to $53.42 and Class B rising minimally by $0.03.

Both companies reported a good month for Midtown. CBRE says the sub-market “saw its strongest month of leasing since June 2011,” with total activity pacing 84% ahead of the market's five-year monthly average of 1.16 million square feet. Curiously, the firm reported a 30 basis point increase in the availability rate, while CT says it declined by 40 basis points. Either way, CT still revealed positive news, saying “Midtown experienced a solid month,” wiping out the negative absorption it encountered in Q1 by posting 899,756 square feet of absorption in April.