Buttonwood Air Layer

I am doing an air layering on a buttonwood. I am getting a lot of me buds and growth above the air layer, but nothing below it. Does anyone have any suggestions or comments?

How much live foliage do you have below the air layer?

Only one single leaf with a new oe just starting at the same spot.

That sounds positive at this point. With less foliage below the air layer it will be slower to respond. basically relying on reserves in the roots rather than food production from foliage. The air layer prevents transfers below the line.
Good luck, it sounds like it is responding now.