Chart 1.
The title is "Net Absorption Turned Negative in 2001." A combination line and bar chart showing national office completions and absorptions (in thousands of square feet) and vacancy rates (as a percentage) for 1989 through June 30, 2001. Completions dropped from almost 120 million square feet in 1989 to about 50 million square feet in 1994, rose close to the 1989 level in 1999, and dropped to about 50 million square feet in 2001. Absorptions were lower than completions in 1989 through 1991; significantly higher than completions from 1992 through 1990; lower than completions in 1999; and higher than completions in 2000. In 2001, for the first time, absorptions sank to a negative number - about minus 30 million square feet. Vacancy rates rose from about 18 percent in 1989 to close to 20 percent in 1991, then dropped to a low of about 9 percent in 1998. In 2001, vacancy rates are about 11 percent.