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CHICAGO-Has the Indianapolis office vacancy rate peaked in the 17% range? Colliers Turley Martin Tucker suggests it probably has.

“Though the current vacancy rate of 17.3% marks only a slight decline from the rate posted at the close of last year, it still bodes well for the market,” says the brokerage firm’s first quarter report. “While it may be premature to say the worst is over, current numbers reflect both a stabilization of the market as well as some tepid growth with office occupancy increasing slightly during the first three months of 2002.”

The vacancy rate is lowest in the small—228,000-sf—East suburban submarket at 6.1%, and greatest in the 1.06-million-sf Midtown submarket at 28.1%. The 10.7-million-sf Downtown submarket vacancy ended the first quarter at 17.7%.

“While many are still opting to sit on the fence, heightened competition among landlords and owners has offered bargain hunting tenants a multitude of options and deals,” according to Colliers Turley Martin Tucker. “We are currently aware of as much as 650,000 sf of potential space requirements in the market.”

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