The recently published Lee & Associates report says that vacancy rates in the county's office and flex-tech sector rose to 17.31% at the end of fourth quarter 2001. The figure reflects an increase of more than 2% from the third quarter, when rates were 15.11%. This increase also marks a significant jump from fourth quarter 2000, when office vacancy levels stood at 7.92%.
Total net absorption for fourth quarter 2001 was negative 454,356 sf. This figure marks a drastic change from third quarter 2001, when total net absorption was negative 234,723 sf. However, the Lee & Associates report does point out that the month of December had a positive net absorption of 110,299 sf.
Lease rates have stabilized after peaking in second quarter 2001, the report adds. Rents stood at $2.27 at the end of the fourth quarter, having barely risen from $2.26 in third quarter 2001.
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