Although is a far cry form the 447,977 sf absorbed in 2001--or more than an average of 100,000-sf each quarter--it marked a big improvement from the first quarter.
In the first three months of the year, the submarket showed negative absorption of 88,266 sf. However, the second quarter vacancy rate rose to 8.3%, up from 7.42%. Despite the positive absorption, the vacancy rate rose because of 468,657 sf of new construction added to the market in the second quarter, compared with only 9,600 sf coming on line in the first quarter.
The 47.27 million-sf market now has 3.9 million sf of vacant space.
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