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NEW HAVEN, CT-Traub & Company LLC reports that despite unfavorable economic conditions, the New Haven office market posted a slight decline in its office vacancy rate in the second quarter of this year.

The brokerage firm reports that overall class A vacancy rates in New Haven fell to 4.7% at the end of the second quarter of this year, down from 5.3% in the first quarter of 2002.

In the central business district of New Haven, the class A vacancy rate stood at seven% at the end of the second quarter, a slight decrease from 7.8% rate posted at the end of the first quarter of this year. The firm noted that overall the second quarter office vacancy rate for New Haven was 11.2%, down from a revised rate of 11.8% in the first quarter of 2002.

Commenting on the region’s recent performance, Carl Traub, CCIM, SIOR, president of Traub & Company, says, “We remain encouraged regarding downtown New Haven’s ability to continually absorb space especially in the class A sector. Our previous concern that by the middle of the year, we would be out of class A space has been mitigated by the fact that construction of One Audubon, the first new office building in more than a decade, will be on line in fall 2003.”

One Audubon property is being built by Acorn Development and totals 65,000 sf. The six-story property is being built on spec, according to Traub officials.

Traub & Company reports that rental rates in class A properties have remained stable and average in the $19-$24 per sf range on a gross basis.

According to the report, Traub & Company believes that market conditions will improve in the second half of this year.

“New Haven, with an overall vacancy rate of 11.2% in the second quarter 2002, is below the national vacancy rate of 14.9% recorded in the second quarter,” the report states. “Available space in the non-central business district has expanded due to build-out space coming on the market. Local market conditions will continue to gain momentum as the year progresses. This trend will affect the third and fourth quarter numbers as New Haven businesses invest and expand once the economy picks up.”

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