Net absorption for the quarter was negative 492,173 sf, although leasing activity increased by 20% to 1.8 million sf compared with the same time in 2002.

Only 691,762 sf of space currently is under construction. This figure includes a 230,000-sf build-to-suit project for Dade Paper & Bag Co. Of the remaining 461,762 sf--speculative projects under construction--94% is available. The overabundance of vacant space has put planned projects on hold, according to C&W.

Other highlights from the report:
-The Airport West submarket had a 41% increase in leasing activity compared with this time last year. However, the submarket recorded negative 639,091 sf of net absorption, compared with negative 43,677 sf in first quarter 2002. The overall vacancy rate rose from 12.3% in first quarter 2002 to 13% a year later.
-The Airport North/Medley submarket saw a 22% decline in leasing activity from first quarter 2002 to the same time in 2003. This affected to-date net absorption of negative 343 sf. However, this submarket has kept a stable 10.6% overall vacancy rate.
-Overall sales activity more than doubled to 1.5 million sf in the first quarter from a year ago. Buyers have taken advantage of lower interest rates and desirable financing options. Individual and institutional investors are buying real estate during the unstable stock market. Tenants also have purchased real estate for their use.