The central business district vacancy level is at 14% as averagerents dip to about $23 per sf. Outside the CBD, rents are in the$22 per-sf range.

Only 39% of the 1.1 million sf of the space completed since thebeginning of the year is occupied. Another 1.9 million sf is underconstruction, most of which is expected to be completed in the next12 to 18 months. Sublease space has risen more than 50%, to 675,000sf.

"Hopefully, we have hit the bottom of the market," Cushman &Wakefield Senior Marketing Director Pete Harrison, "But I think we will be there for awhile. CorporateAmerica will continue sitting on the sidelines until the end offirst quarter next year. We hope for renewed activity in the secondhalf of next year."

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