Tenants are in the market for a total of 1.8 million sf, according to their latest report. The projected 12-month of absorption of 700,000 sf and available sublease space of 1.3 million sf, has remained steady for the past three months, they say.
"The trend during 2002 and 2003 of primarily small requirements (of 10,000 sf or less) driving demand will continue in 2004," according to their report. "However, requirements of 10,000 sf to 25,000 rentable sf will begin to be more prevalent and help to increase absorption in 2004."
They explain that there are four tenants in the market looking for a 75,000 sf space or more for a total of 470,000 sf. There are also four tenants looking for 50,000 sf to 74,999 sf for a total of 258,000 sf.
The number of tenants looking for 25,000 sf to 49,999 sf jumps to 11, for a total of 371,000 sf. But there are 52 tenants looking for 5,000 sf to 24,999 sf, for a total of 558,575 sf. But of the 106 tenants looking for space, 35 of them-—more than a third—-are seeking less than 5,000 sf. These tenants are looking for a total of 100,541 sf, or an average of less than 3,000 sf per tenants.
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