The CEO pointed to an overall "healthy leasing market" that has seen a "stabilizing" of the tenant concessions offered by many Midtown-focused landlords, including SL Green, in recent years as a way of attracting new tenants and keeping existing ones in place—particularly in the face of competition from new office construction in the Far West Side and Downtown submarkets. "The good news is that we have these [leasing] results occuring while new product from the West Side and Downtown has been coming online," Holliday said. Elsewhere across the REIT's business, Holliday noted that the company's massive One Vanderbilt office development currently under construction next to Grand Central Terminal is "on schedule and under budget."