Companies generally remain in a cycle of consolidation and contraction, said Mr. Caccavo, and the pattern of leasing reflects this, he said.
The board's approval of 5.5percentt increases for one-year leases and 8.5percentt for two-year leases reflected a surge in landlord expenses for property taxes, fuel and insurance.
In the first half of the year, 10.5 million square feet of space was leased, reflecting the slowest pace since 2003, though it picked up slightly in the second quarter, according to CB Richard Ellis.
If the landlord does not change the lease to reflect the later commencement date, the tenant could nevertheless begin paying the increase on that date since it is the tenant's right to do so as a matter of law.
Mariners showing at the lease auction reflected Joseys nervousness about the market.
Google's Playa Vista acquisition and pending lease deal reflect a rapid buildup of bricks-and-mortar facilities for the Internet company.
Whatever the reason, Goldman's decision reflects the leasing strategy of the new buildings, which is to entice existing downtown companies to leave their current space with promises of being in new, technologically up-to-date buildings on one of Chicago's premier business streets.
I.B.M. said the increase reflected leasing of more advanced products that will retain more value when the leases end.
The jump reflects a slowdown in leasing and a rise in subleasing and is regarded by brokers as manageable, at least for now.
In fact, the shared building reflects a small problem about leases that will be resolved soon.
