Leasing activity for 2002 was 7.2 million sf--falling 18%, compared with 2001. The overall vacancy rate rose slightly to 9.4%, an increase of 0.6%. The county's overall net absorption was positive but weak, ending the year at 107,736 sf.
The not-so-positive year-end results are attributed to the economy. Despite this, however, one hint of a market improvement is the 10% decline in sublease space over the past year. At year-end, sublease space was at 1.4 million sf.
Another positive note is investment sales stayed strong, according to the report. Institutional and individual investors continued to purchase real estate despite the unstable stock market.
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