A year earlier, the vacancy rate stood at 7.25%. Although the vacancy has only risen by slightly more than two points since first quarter of 2001, that marks a 37.7% rate increase.
Another way to look at it, is that there was 3.42 million sf of vacant space in the first quarter of 2001, which has grown to 4.88 million sf of vacant space - an addition of 1.46 million sf of empty space.
The brokers' Market Trend report, however, seems to take a philosophical approach to the market.
It quotes "Superstar Investor" Roger McNemee, who provides this advice: "Forget about the next big thing. The next thing has started and it's called the New Normal and 2003 will be the first full year of it. Everything takes longer in the New Normal. Longer is better than never. Patience is again a virtue of great consequence."
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