Chart 3

The title is "Columbus’ High Office Vacancy Rate Continued Through Third Quarter 2003."

A line and bar chart that shows the office vacancy rate, the annual completion rate, and the net absorption rate for 1993 through the third quarter of 2003. The vacancy rate was 9.4 percent in 1993, fell to 7.4 percent in 1994, increased to 8.6 percent in 1996, dropped to 6.7 percent in 1997, then steadily climbed to 24.3 percent in the third quarter 2003. The completion rate was 158,000 square feet in 1993, dropped to 50,000 square feet in 1994, steadily increased to 1,873,000 square feet in 2001, plummeted to 329,000 square feet in 2002, and rose to 395,000 square feet for the nine months in 2003 annualized. The net absorption was 698,000 square feet in 1993, declined to 248,000 square feet in 1995, rose to 1,258,000 square feet in 1997, dropped to 611,000 square feet in 1998, increased to 755,000 square feet in 2000, fell to minus 17,000 square feet in 2001, improved to minus 2,000 square feet in 2002, and plummeted to minus 684,000 square feet for the 9 months in 2003 annualized.