Last quarter, expectations for rental rates and physical and economic occupancy were up substantially over expectations for the second quarter. For the fourth quarter, however, rental rate expectations have plunged both over third quarter 2009 and fourth quarter 2008 expectations. Actual rental rate performance was also poor in comparison with the prior quarter's expectations. While fourth quarter national economic outlook expectations are not as strong as last quarter, they are only down slightly and are still up over expectations for the second quarter when attitudes about the outlook for the rest of the year were quite bleak.

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