Chart 3

The title is "Midtown Vacancy Rates Stabilized in Third Quarter 2003, Though Rents Continued to Drop."

A combined line and bar chart that shows the office vacancy rates and gross asking rents in midtown Manhattan. The vacancy rate was 5.2 percent in the first quarter of 1998, declined to 3.9 percent at the end of the year, rose to 4.7 percent in the second quarter of 1999, fell to 1.9 percent in the second quarter of 2000, then steadily climbed to 8.7 percent in the first quarter of 2003 and 8.8 percent in the third quarter of 2003. Rents were $36.19 in the first quarter of 1998, steadily rose to $56.84 in the third quarter of 2000, then steadily fell to $42.20 in the third quarter of 2003.