Year to date, absorption amounted to more than 5.31 million sf,70% of last year's record. Another record is the decline in theoverall vacancy rate, only 2.7% at mid-2000, the lowest ever. Ayear ago at this time, the rate was 3.2%. Chantilly is the onlysubmarket here where the vacancy rate has risen, to 11.2%, thereport says.
In addition, Q2 construction starts amount to 4.8 million sf,the highest since 1997. During this period, 900,000 sf wasdelivered, 43% of it pre-leased, compared to 2.9 million sf in thefirst quarter of 2000, 82% pre-leased. Delta projects that as thisnew supply comes to market vacancy rates will rise to 6% to 7% bythe end of next year.
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