The Cumberland office market ended the second quarter 2009 with a vacancy rate of 18.51%. This vacancy rate represented a 0.13 percentage point increase over the previous quarter, when it was 18.38%. The increase in vacancy occurred in a quarter where Cumberland saw negative 32,162 square feet in net absorption and no new deliveries. Quoted rental rates ended the second quarter 2009 at $19.17 per square foot, down from $19.56 per square foot in the first quarter 2009. At the end of the quarter, there was nothing under construction in the Cumberland office market.
Class A projects in Cumberland reported a second quarter 2009 vacancy rate of 16.70%, up from the 16.49% reported at the end of first quarter. Net absorption within the class A sector totaled negative 29,810 square feet for the quarter, and no new deliveries were reported. Quoted rental rates for available space within the class A sector averaged $21.27 at the end of the quarter, down from the $21.83 that was reported in the first quarter. There was nothing under construction in the class A market at the end of second quarter.
