Year-to-date through the third quarter, leasing activity totaled about 2.1 million sf, flat compared with the comparable period last year, the C&W report states. Available sublease space in the county did decrease in the third quarter, according to the report, but total direct net absorption is negative, at 67,427 sf, so far this year.

In Cypress Creek, the largest submarket in the county, leasing activity increased by about 100,000 sf, compared with the third quarter in 2002. This submarket also saw a nearly 60,000-sf decline in sublease availabilities, compared with this time last year. However, absorption stayed negative, at 8,459 sf in the third quarter. The overall vacancy rate remained stable at 23.3% in the 2002 and 2003 third quarters.

Leasing activity in Sunrise almost doubled last quarter's figure with activity totaling more than 75,000 sf in the third quarter. In contrast, the Miramar submarket saw a drop in leasing activity in the third quarter with total leasing activity at 73,132 sf, less than half of the activity a year earlier. However, the submarket's vacancy rate was still low, at 6.7%.

The Fort Lauderdale central business district was one of the most improved submarkets, according to the report. The area had positive absorption in the third quarter, 31,799 sf, for the first time since a year ago.

In addition, according to the Codina report year-to-date absorption fell some to 301,496 sf this year from 308,099 sf last year; the county's direct vacancy rate remained stable from a year ago at 17.4% in the third quarter, compared with 17.5% in the 2002 third quarter; the overall vacancy rate in the county experienced a notable improvement, decreasing to 19.9% from 21.5% a year earlier; the average asking rental rate increased 20 cents per sf, from $22.20 per sf in the third quarter of 2002 to $22.40 per sf this third quarter; and the Southwest Broward submarket leads the other submarkets in performance, with strong leasing activity, positive absorption of 134,965 sf year-to-date and a decrease in its class A direct vacancy rate from 18% this time last year to 15.7% this third quarter.