About 58,000 sf of subleases signed in February helped nudge the amount of vacant sublease space to 3.426 million sf from 3.442 million sf. Buls says 3.2 million sf is available for immediate sublease and about 223,000 sf is to be available after April 1.
Buls compiles the report twice a month with the help of brokers who list their changes in available space and rents. He's issued the report since February 2001.
Rental rates continue to drop, according to Buls, especially for class A space, which showed an average 52 cent per sf drop. Buls says the rates tend to fall by going from triple net to full-service gross. He reports that average full-service class A lease is $21.82 per sf while the triple net average is $30.47 per sf.
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