"Right now, there isn't a whole lot of interest or demand inthat area," says Peter Stadler, VP with Meridian Design Build, theproject's general contractor. "It seems there's a lot of vacanciesout there and not a lot of prospects to fill. It's typical of whatthe economy has brought everywhere in the last six-to-ninemonths."


The building offers four drive-in-doors, a 30-foot clear height,an ESFR Sprinkler System and provisions for up to 168 exteriordocks with ample trailer parking. The building is in the westsuburban submarket, which developers thought would have greatdemand for this type of property when its planning began more thana year ago and construction started in spring, Stadler says.


He declined to comment on asking lease rates for the space, butaverage asking lease rates in the area are around $4 per squarefoot, net, according to Cushman & Wakefield market research.The area's occupancy rate in Q3 was around 87%, the researchsays.


"It'll probably take till the fourth quarter of 2009 beforethings start getting back up," Stadler says. "That's also dependenton whether existing prospects and tenants are able to completeleases. Until we get absorption, the leasing market won't comeclose to getting resurrected."

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