"We're significantly ahead of our one-year time period we projected was necessary to lease up this vacancy," Curto says.
While conceding the soft economy is having an effect on the REIT's entire portfolio, he reports Prime Group's occupancy rate in suburban Chicago is 94%. Although occupancy is down from 95.4%, that still is healthier than the 13.1% vacancy rate in the suburban market.
"We're getting more than our share of leasing action," Curto says. Meanwhile, 16 new leases and 18 renewals involving nearly 400,000 sf produced net rents 10.65% higher than previous deals, he adds.
Asking rents at Continental Towers are $16.50 per sf net.
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