Uncertainty gripped the market following a state-mandated closure of non-essential businesses and a ban on in-person real estate activities on March 20th, resulting in a 52% drop in leasing activity in Q2. Despite the slowdown, tech continued to lead transactions with TikTok’s 232,000 square-foot deal at 151 West 42nd Street. Concessions and short term leases are predicted to become more common as landlords work to maintain face rents and occupancy.