Direct net absorption for the second quarter was 450,000 sf, bringing the year-to-date total to a negative 616,144 sf.
"A return to a healthier overall vacancy rate below 7% will most likely not occur until late 2003 at the earliest," Larry D. Richey, Cushman & Wakefield's senior managing director for Florida, says in a prepared overview.
Leasing activity was modest in the April-June period at 543,000 sf, but combined with the first quarter, the year-to-date activity of 1.44 million sf is "respectable, considering market conditions," Richey says.
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