U.S. Office Vacancies Growth Slowed
Negative Absorption Continued Through First Half

000,000 s.f.
Date	Completions	Net Absorption	Vacancy Rate
12/31/90	82	52.70	18.72%
12/31/91	53	34.90	19.04%
12/31/92	32	37.30	18.68%
12/31/93	7	54.10	16.91%
12/31/94	6	48.50	15.30%
12/31/95	8	43.10	13.92%
12/31/96	16	61.60	12.20%
12/31/97	28	86.90	9.93%
12/31/98	56	77.00	8.97%
12/31/99	101	72.50	9.61%
12/31/00	83	103.10	8.65%
12/31/01	83	-96.50	14.20%
12/31/02	61	-14.70	16.50%
12/31/03	18	-1.10	16.90%
Source: Torto Wheaton Research 2003 results are for second quarter 2003.