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Vacancies dip in major cities.

Vacancy rates in many major cities dropped as a result of virtually no new construction and slow but steady demand during the second quarter of 1993. The national CBD (central business district) vacancy rate decreased to 19.6 percent from 19.9 percent in the first quarter, according to Cushman & Wakefield, Inc.

New office construction amounted to just 352,000 square feet nationally during the quarter. By comparison, 6 million square feet was added in the second quarter of 1992, and 3.1 million square feet was added in the second quarter of 1991.

Major markets such as New York City Midtown and Downtown, Atlanta, Phoenix, Chicago, Boston, Washington, D.C. and San Francisco had vacancy rate decreases during the quarter. The two New York markets were aided by active leasing, with major lease commitments by MasterCard International in Midtown and Prudential Securities in Downtown.

Suburbs (Non-CBDs)

Suburban vacancy rates also decreased. In the second quarter, they decreased to 20.1 percent from 20.4 percent in the first quarter, reaching their lowest level in seven years.

Much like the CBDs, the suburbs have been helped by a lack of new construction -- just 736,198 new square feet during the quarter.
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Title Annotation:according to report from Cushman and Wakefield Inc. for second quarter of 1993
Publication:Real Estate Weekly
Date:Aug 4, 1993
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