Direct net absorption was negative 268,318 sf. Although grim, the slowed leasing pace was to be expected, given the slow economy and the bearish stock market, according to the report.
In fact, much of the county's office market was affected negatively by the threat of war with Iraq, an unstable stock market, and high unemployment rates and companies making significant cutbacks.
And it may be too late already to catch up to last year's pace. "The leasing activity is not on track to match the figures generated last year," the report states.
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