The report shows that the market was hit by negative absorption of 1.36 million sf in 2002, about five times as much as the 270,572 sf of negative net absorption in 2001. This year will "be another great year for tenants," notes the team, which last year completed 127 assignments for more than a million square feet of leases.
Lease rates are at the lowest point in more than seven years, they note. "We expect a flight to quality," the report notes. "Well-located Class A buildings will achieve stabilized occupancy before Class B and C buildings."
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