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Vacancy and Rental Rates Dip Along I-81 Industrial Corridor

PHILADELPHIA-While absorption of sublease space along what logistics

By Marita Thomas | Updated on July 24, 2003

PHILADELPHIA-The overall vacancy rate along Pennsylvania’s I-81 industrialcorridor dropped to 16.9% in second quarter, according to research from theConshohocken, PA office of Trammell Crow Co., compared with 17.5% in theprevious quarter. The direct vacancy rate, however, remained the same at 16.2% duringthat timeframe.

“Although the leasing trend is positive for the first half of the year,”says Matt Marshall, SVP of the Trammell Crow office, “only two million sf ofgross absorption can be counted year-to-date by the end of June 2003. As a result,building owners are structuring short-term -one- to two-year -leases ataggressive rental rates hoping that the market for space recovers.”

The average triple-net rental rate slipped from $4.25 per sf during theyear’s opening quarter to $3.82 per sf by mid-year, according to theresearch.

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