Although final numbers are yet to be posted, market experts expect that the vacancy rate for industrial properties in the Valley to be well below 10%. At the start of the fourth quarter, the vacancy rate was 7.7%.
"All of the indicators show that the fourth quarter will be strong," says Mark Krison, an industrial and office specialist with CB Richard Ellis. Between 1 million and 2 million sf of industrial space was leased during the fourth quarter, adds: If it's near the high end of that range, more than 11 million square feet will have been absorbed during the year.
"The net absorption has been more aggressive than we thought," Krison says. CB Richard Ellis had predicted that 2000 would see an absorption of approximately 9 million sf.
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