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NORTHWEST <br /> SIGNIFICANT EVENTS AND TRENDS <br /> • Leasing activity significantly outpaces the previous 12 months. <br /> • Developers looking for land parcels, completing build to suits and <br /> converting existing buildings over to higher and better use. <br /> • True speculative development returning to the Northwest submarket. <br /> 37 <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />