Factoring in sublease space, the relative numbers were 15.46% rising to 15.86%, indicating that the vacancy rates may have hit bottom.
These percentages are reflected in the small overall market absorption of 113,549 sf at the end of the second quarter turning into a negative absorption of 260,261 sf at the end of the third quarter.
However, market rents are under considerable pressure dropping from an average of $19.18 per sf in the second quarter of 2001 to $18.55 per sf in the third quarter.
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