"The wild card, however, continues to be early lease terminations," says CFO Marsha Williams during the recent National Association of Real Estate Investment Trust 2003 Institutional Investor Forum. "Have we bottomed out on lease terminations? I hope we have, but it's too early to tell."
Equity Office Properties terminated leases on 745,000 sf in April and May, down slightly from the first quarter. "It's very difficult to predict," Williams adds. "It's hard to say where it's going to happen. We've been surprised by some."
Just as leasing activity has been stronger on the West Coast, lease terminations also are ahead of most markets there as well, Williams adds.
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