However, leasing dropped by eight percent.

Already, 79 assets across 16 states have been acquired.

The move speaks to the demand seen for premium hospitality assets currently, according to Sonnenblick-Eichner.

Also, rents spiked by more than $1 per square foot.

The influx of supply is outpacing demand and overshadowing the strong labor and population growth.

The developer is also in negotiations for a nearby site at 110 East 55th Street.

The flexible office space provider has seen activity surge by 36 percent.

Economic headwinds are causing challenges in the market.