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TOTAL MARKET <br /> SIGNIFICANT EVENTS AND TRENDS <br /> • The overall vacancy rate decreased from 11.8% to 11.6% marking a second <br /> consecutive year of downward movement following 13.5% vacancy in 2002. <br /> • Net absorption decreased to 878,198 square feet from last year's report, <br /> however this statistic should be considered in conjunction with the following: <br /> o Office warehouse net absorption was over 700,000 square feet <br /> o Office showroom net absorption soared above 800,000 square feet <br /> o These positive absorption categories were not aided given a negative net <br /> absorption of 650,000 square feet reported in bulk warehouse <br /> • The "for sale" market continued to be active <br /> • 6 buildings are underway totaling approximately 400,000 square feet. <br /> 25 buildings are planned totaling approximately 2,700,000 square feet. <br /> 5 <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />