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Office Property Asking Rent – Lease Trends

Lease rates for office properties have risen 0.4% versus last quarter to $17.10 per square foot. For the year, asking lease rates have still declined 0.1%. Lease rates for office properties hit a three-year peak in March 2008 at $22.08 per square foot. In comparison, the median asking price is now 9.6% lower. On the other hand, the lowest asking lease rate in the past three years was seen last month at $16.79. Source - LoopNet