The biggest rate decrease was in the CBD, where class A space fell to $34.62 per sf from $38.42 per sf, a 10% drop. In the second half of 2000, the CBD's 97% occupancy rate helped drive overall CBD rental rates to $30.05 per rentable sf.
The survey put the citywide direct vacancy rate at 7.5% at the end of the second quarter, up from 5.7% at the end of the first quarter. Counting sublease vacancies, the vacancy rate was 14.7%, up from 8.9%.
The most popular submarkets, the far Northwest, Northwest and Southwest, had vacancy rates of 28.2% (up 13%), 13.6% (up 5.6%) and 8.6% (up 2.2%), respectively. Later this week, Angelos Angelou of Angelou Economic Advisors is to make a mid-year forecast in a rare revision of his annual January outlook.
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