C&W report: Downtown office markets stable in 1Q.Most downtown U.S. office markets remained stable in the first quarter of 2003. The vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate increased from 14.8% in the fourth quarter of 2002 to 15.2% in the first quarter of 2003, but Cushman & Wakefield senior managing director, research, Maria T. Sicola remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for a recovery later this year. "While the markets remain soft or stable at best, the leasing trends and slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in new deliveries and sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. space are positive signs for the future," said Sicola. Cushman & Wakefield reported total leasing activity was 17.6 million SF for the 32 downtown markets it studied. This total was up from 13.1 million SF in the first quarter of 2002. Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan, Orange County, Calif. and Chicago enjoyed the largest amounts of leasing during the quarter. Absorption is also improving, although it remains negative. Absorption was (-2.6) million SF for the downtowns, compared to (-11.5) million S.F in the first quarter of 2002. "The right economic stimulus and continued success with the war in Iraq could accelerate stable markets into growth markets and softer markets into more stable ones," said Cushman & Wakefield president of U.S. operations, Bruce Mosler. Midtown Manhattan, Boston and Washington, D.C. continue to have the highest rental rates in the nation. Washington, D.C. had a 6% increase in rental rates this quarter. Silicon Valley, Houston, Dallas and Seattle, all of which have been hit hard y the economic downturn, are among the weaker markets. More space is available this year compared to first quarter last year on an overall basis: 532 million SF versus 456.9 million SF. However, the amount of sublease space has declined by 10 million SF from its peak (124 million at midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. 2002). Some of that space has been leased and some has returned to the market on a direct basis. The suburbs, which have experienced large amounts of new construction in recent years, saw their vacancy rate rise to 21.3% from 20.5% in the fourth quarter of 2002. Atlanta, Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. and Dallas remain soft markets, as they have had significant amounts of new construction. Absorption has improved somewhat in the suburbs from last year at this time; (-14.1) in the first quarter of.2002 to (-8.2) in the first quarter of 2003. |
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