Chart 3

The title is "Northern New Jersey Office Conditions Are Improving."

A combined line and bar chart that shows the vacancy rate and the net absorption rate for offices in northern New Jersey. The vacancy rate was 9.5 percent in the first quarter of 2000 and fell to 7.3 percent at the end of the year. The vacancy rate steadily grew to 17.8 percent in the second quarter of 2003 and dipped to 16.7 percent in the third quarter of 2003. The net absorption rate was 202,000 square feet in the first quarter of 2000, rose to 2,113,000 square feet the next quarter, dropped to 596,000 square feet, the following quarter, and increased to 1,118,000 square feet in the fourth quarter of 2000. The net absorption rate plummeted to minus 2,908,000 square feet in the third quarter of 2001, climbed to 1,314,000 square feet in the second quarter of 2002, fell to minus 1,233,000 square feet in the first quarter of 2003, and rose to 1,532,000 square feet in the third quarter of 2003.