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During the past eighteen months, the overall Rapid Transit Office Index (RTI) vacancy decreased 20 basis points and asking net rents have decreased 1.5 percent. There has been a substantial amount of RTI inventory delivered to the market over the past sixteen months, some of which is currently vacant. This has impacted the vacancy rate and created a competitive environment in which rental rates have softened. However, interest for RTI office space remains high and a decrease in the vacancy rate is expected as the market adjusts to the new inventory.
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