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GLOSSARY OF TERMS
Average Asking Lease Rate: Rate determined by multiplying the asking net lease rate for each building by its available space, summing the products, then dividing by the sum of the available space with full-service gross leases for all buildings in the summary.
Market Coverage: Includes all competitive office buildings 5,000 square feet and greater in size.
Net Absorption: The change in occupied square feet from one period to the next.
Under Construction: Buildings which have begun construction as evidenced by site excavation or foundation work.
Vacancy Rate: Vacant Building Feet divided by the Net Rentable Area.
Normalization: Due to a reclassification of the market, the base, number, and square footage of buildings of previous quarters have been adjusted to match the current base. Availability and Vacancy figures for those buildings have been adjusted in previous quarters.