EOP officials concede during an investor forum this week that they could have already shattered that goal. While buying $952 million in office properties since 2003, company officials report they passed on deals worth $12.8 billion, letting other bidders buy assets for an average of 10% more than they thought the properties were worth.

EOP's five-year plan also is predicated on rent growth of at least 4% a year while expenses are kept at least one percentage point below inflation. Meanwhile, the REIT expects occupancy to bounce above 90%.

Although it owns 105 million sf in its targeted growth markets, that is only 6% of the institutional quality, multi-tenant office space, EOP chief investment officer Jeffrey L. Johnson notes during an investor forum this week. Meanwhile, the REIT has bowed out of Charlotte; Fort Worth, TX; Riverside, CA; San Antonio, TX and Salt Lake City since 2003.

More joint ventures may be pursued, according to Johnson. By selling off 75% of its interest in 161 N. Clark St. here, the Prominence building in Atlanta and Treat Towers in Walnut Creek, CA, the REIT has been able to boost its yield on those assets by 2.6 percentage points to 14.8%.

EOP's efforts already includes a "Think Small" marketing program, which targets brokers representing tenants needing 5,000 sf or lease. Since 2003, the REIT reports, the initiative has resulted in 500 deals totaling 1.2 million sf.

Meanwhile, the company has set a goal of retaining 65% of its tenants. Through the first half of 2004, the REIT has achieved a 60% rate.