The Austin office market ends 2002 with a 24.32% vacancy rate,according to the Staubach Co.'s fourth-quarter report. Thedirect-lease vacancy rate was 16.39% and the sublease vacancy ratewas 7.93%, the report said. That compares to a 9.06% direct-leasevacancy rate at the end of 2001 and a 7.55% sublease vacancyrate.

Some of the biggest changes during the year came in the CBD. Theoverall vacancy rate rose to 20.26% from 12.96%. The amount ofvacant space available straight from the building owner more thandoubled to 1.5 million sf as the amount of space available throughsublease decreased by 34% to 192,387 sf.

CBD rents dropped 18.9% to an average of $24.51 per sf from$30.25 per sf at the end of 2001, according to Staubach.Direct-lease rent pitched 22% while sublease rents were reduced by18%. The average rent for class A space fell 21.5% to $25.27 per sffrom $32.18 per sf.

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