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Vacancy Rate Continues To Increase As Recession Deepens
The total vacancy rate has increased 70 basis points from 15.2% last quarter to end at 15.9% for the quarter. Weighted average asking lease rates have declined over the quarter to end at $2.02 FSg PSF, down $0.06 from $2.08 last quarter. Lease rates are down $0.41 from their peak of $2.43 FSG PSF that was established in the first quarter of last year.
For the quarter, 152,800 SF of leasing activity occurred. This is up from the dismal 50,400 SF reported in the previous quarter. Much of this activity included lease renewals, which have no effect on net absorption. As such, absorption for the quarter remained negative, with 104,900 SF of space givebacks this quarter.
Contact Thomas Galvin at 9909-937-6309 for more information.
  OFFSGV09Q2.pdf
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