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Downtown

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Downtown Market Report
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The Downtown office market ended the second quarter 2008 with a vacancy rate of 17.98%. This vacancy rate representeda 1.57 percentage point decrease over the previous quarter, when it was 19.55%. The decrease in vacancy occurred in aquarter where Downtown saw positive 370,973 square feet in net absorption and no new deliveries. Quoted rental ratesended the second quarter 2008 at $19.47 per square foot, up from $19.45 per square foot in the first quarter 2008.  At the end of the quarter, there was nothing under construction in the Downtown office market.Class A projects in Downtown reported a second quarter 2008 vacancy rate of 21.62%, down from the 22.27% reported atthe end of first quarter. Net absorption within the class A sector totaled positive 90,621 square feet for the quarter, and nonew deliveries were reported. Quoted rental rates for available space within the class A sector averaged $20.04 at the end ofthe quarter, up from the $19.96 that was reported in the first quarter. There was nothing under construction in the class Amarket at the end of second quarter.

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