The team estimated third-quarter absorption of 390,000 sf. Meanwhile, the class A asking lease rate rose slightly to $18.48 per sf in the third quarter from $17.50 per sf in the third quarter of 2003. The actual effective lease rate for class A space rose 2.3% to $17.57 per sf from the third quarter of 2003. "The increase in both asking and actual class A lease rates is a sign that we have hit bottom and are now headed in a more healthy direction," the report notes.

The report notes 117 tenants are actively looking for a total of 1.6 million sf to occupy along the corridor in the next 12 months. One tenant is looking for 100,000 sf. Three tenants are looking for 50,000 sf to 74,999 sf for a total of 170,000 sf. There are 17 tenants seeking 25,000 sf to 49,999 sf for a total of 572,000 sf and 32 companies are seeking 10,000 sf to 24,99 sf for a total of 513,000 sf.

All totaled, there are 49 tenants seeking nearly 1.1 million sf. While those tenants account for only 41.9% of the 117 tenants, they are seeking 68% of the total space. Rounding out the bottom, 19 tenants are seeking between 5,000 sf and 9,999 sf for a total of 119,453 sf and 45 tenants are seeking less than 5,000-sf leases for a total of 122,746 sf.