Leasing activity fell below historical levels in the second quarter to 6.2 million square feet, reflecting a 31.4% year-over-year decline and a 29.5% decline from the five-year rolling quarterly average of 8.8 million square feet. Q2 2023 leasing activity outpaced the first quarter due to a 630,000 square foot lease signed at 110 William Street by the Department of Citywide Administrative Services, leading to a 7.4% quarter-over-quarter increase in total activity. For the first half of 2023, leasing activity totaled 11.9 million square feet, a 29.8% drop from 17.1 million square feet in the first half of last year.
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