Sahling is the author of the group's US Construction PipelineReport.Key findings of the report include:

* Newly started bulk distribution and warehouse projects in thefirsthalf of this year were running slightly ahead of the pace in2003. New starts in the top 30 US markets totaled 38 million sf, upjust 2% from last year's pace.

* At their currently projected annual level, total new startsfor 2004 would be nearly 40% below the cyclical peak reached in2000.

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