If one of the dominant stories in Midtown South this year is the flood of tech and media startups, then the lack of forward movement by large corporate tenants may be the story in Midtown.

Indeed, nary a single lease in excess of 250,000 square feet has closed this year, a conspicuous change from a year ago, when five such deals were inked, including a 1.6-million-square-foot whopper by TV network Viacom at 1515 Broadway.

Despite the dearth of big transactions, however, a wave of smaller ones kept Midtown active. After the jump, Ken McCarthy, senior economist at Cushman & Wakefield, reviews third-quarter leasing activity in Midtown and explains why the market and its 11 submarkets have performed the way they have.