Overall net absorption totaled 651,014 sf, with SouthParkabsorbing the most at 218,597 sf. The average rental rate increasedfrom $20.06 psf in first quarter 1999 to $20.86 psf in firstquarter 2000.
Development activity was approximately 2.9 million sf at the endof first quarter with 49% of the space pre-leased. Construction wasdown in the overall industrial market from 1.3 million sf in fourthquarter 1999 to approximately 690,625 sf in first quarter 2000.
The multifamily market has also been active. Nearly 5,000 unitsare projected to be delivered this year, but absorption appears tobe keeping pace. The Southeast and the Northeast, two high-rentsuburban markets are experiencing a lot of the growth, as rentalrates continue to rise. The average monthly rent has increased from$658 to $688 during the past 12 months.
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