Measuring Class A averages alone, Seattle's CBD moved from$38.05 in the fourth quarter of 2000 to a current $34.25 -- a dropof 10%. During the same period, properties in the Eastside suburbsfell an average 12.7%, moving to $27.34 from $31.31. Leading thepack in terms of rate losses is the Bellevue CBD. Now averaging$30.88/sf, Bellevue's rents are off a full 17% from its rates ofjust a year ago.

And then there's the Southend office market, contained withinthe cities of Renton, Tukwila, close-in south Seattle, Federal Way,Kent and Auburn. Weighing in at only 8.5 million sf or so, it comesnowhere close in size to the Seattle and Eastside markets. But therelative stability of its rates is noteworthy in today'smarket.

Average Class A rents here have actually risen in the last 12months. While the increase from the fourth quarter 2000 rate of$23.01 is a mere 34 cents/sf -- when comparing it to the maulingother areas have taken, 34 cents a foot looks pretty good. Just askBellevue landlords.