Highlights in the first half of the year:
• Net absorption, a negative 218,000 sf.
• Subleased space declines by 354,000 sf.
• The overall vacancy rate rises only slightly to 17.6% from 17.4% at the end of last year, a sign that the market may be at the bottom.
Rents, however, continue to decline and will remain under pressure until 2005, although certain submarkets will firm up before then, according to the report.
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