NEW YORK CITY—Just at the midpoint of 2014, Manhattan officeleasing velocity is on pace to exceed the total volume of leasescompleted in 2013, according to a new report by Avison Young,obtained EXCLUSIVELY by GlobeSt.com.

Average asking rents are stable quarter-over-quarter, the firmreports, although in some submarkets—such as Midtown South—rentsare rising steadily, which may lead to an influx of early renewalsamong tenants looking to lock in today's rents.

“As New York City's economy continues to improve, the demand forClass A office product is driving increased leasing activitythroughout the Manhattan office market,” says Avison Youngprincipal and tri-State president Arthur Mirante. “Although overallrents remained stable in the second quarter of 2014, a fewhistorically strong submarkets exhibited rental growth. In MidtownSouth—the neighborhood of choice for creative companies and techfirms—the Class A vacancy rate hit a record low of 4.4%, down from7% in the same period in 2013, resulting in asking rents surpassingthose in Midtown.”