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To: Tushar Patel who wrote (145593)	10/18/2001 1:03:06 AM
From: Amy J	Respond to of 186894

OT Thanks Tushar, RE: "Office Glut - Millions of square feet of commercial real estate are set to open in a city that's already facing 20 percent vacancy rates" Your article said this depreciation will take a couple of years to occur, so I think time is on our side. At some future point, I would like to sign a lease (not a sublease) at 1.00 sq ft (if lucky), so we are locked-in at a really good rate. When a real estate recovery occurs, such a lease could actually turn into an asset. We have completely run out of space at work, but will just make do. Leases scare me. I asked the company across from ours if we could borrow some space from them, which they may. They said there are subleases going for .99/sq ft these days - 1/6th the peak. From your article, "This is the highest vacancy in two decades, and millions of square feet of sublease space is hanging over the market and depressing rents," said Margaret Duskin, a senior director at Cushman & Wakefield. "We're all concerned at the lack of demand in office product." Regards, Amy J