The vacancy rate has increased slightly from 17.31% in December to 17.60% in January, according to a recent report by Lee & Associates – Irvine Inc. In December, the overall vacancy level dropped more than half a percentage point, and the region experienced positive net absorption for the first time in months. January's increase in vacancy has brought a return to negative net absorption, as the Lee & Associates report records a negative net absorption of 89,652 sf for the first month of 2002.
The region has also experienced a dip in the average asking lease rate, as it has dropped from $2.26 in December to $2.25 in January. Although the average lease rate has hovered just above this figure for months, August was the last time it was actually recorded as low as $2.25.
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