The suburban office market, with 8.2 million sf, showed negativeabsorption of 44,000 sf and a vacancy rate of 12.9%.

Few companies moved out of the city in 2001, but many tightenedtheir belts, creating sublease space within their buildings, thereport says.

''The 2002 marketplace is shifting toward a tenant's market andrenters can expect more landlord concessions,'' Grubb & Ellisnotes. ''In general, office vacancy rates are expected to riseslightly in 2002.''

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.