Those figures are less than half of the next lowest market, FortLauderdale, FL, according to the Studley Effective Rent Index. AndDowntown is hardly faring much better, as the property owners'effective rent there is $5.75 per sf, worst among the CentralBusiness Districts in Studley's study.

The $3.08 per sf in Lake and DuPage counties is down 44% fromlast year, while the $3.40 per sf in suburban Cook County is a 49%drop from 2003, according to the Studley Effective Rent Index.Also, the property owners' effective rent in Lake and DuPagecounties is an 88% discount from a total rent of $22.25 per sf, thebiggest write-down seen in the study.

Property owners in Downtown have seen their effective rents dropfor four straight years, from $14.88 per sf in 1999 to $5.75 per sfin 2003, according to the Studley Effective Rent Index. With rentscontinuing to be under pressure, expenses have gone up, withproperty taxes increasing to $8.03 per sf, second only to MidtownManhattan.