The overall vacancy rate in the county for that period continued to rise, by 0.6% to 18.6% since the end of the year and by 2.4% in the last year. Most of the county's submarkets experienced these hikes.

For example, the overall vacancy rate in the central business district rose by 1.4% to 17.4%--the highest since 1997. The vacancy rate is even higher--17.8%--and expected to grow in the Brickell Avenue submarket with two construction completions and Dresdner Bank's vacating 63,105 sf at 801 Brickell Ave.

The vacancy rate in the airport/west Dade submarket rose 0.8 of a percentage point to 21.6%. Vacancy rates were affected by an increase in sublease space and construction completions. Leasing activity is basically unchanged, compared with the same time last year.