"Companies are uncertain if the economy will turn toward the upside and grow a very modest 2% to 3% or continue to suffer setbacks and spiral down for antoher 12 to 18 months," according to their report.
Because of that, the market is experiencing very little demand, they say. In recently constructed properties, only 16 have leases have been signed in the first nine months of the year, compared with 35 in 2001 and 39 in 2000.
The brokers expect an increase in activity in the first quarter of 2003.
"Some activity will be form companies that will 'get busy living' looking for expansion space and some activity will be form companies that will 'get busy dying' by consolidating space."
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