Office market fundamentals improve.

Activity in the office sector is more vibrant than it has been in years. During the first five months of 1997, spending on private office buildings surged 22.5 percent ahead of its year-ago rate, after gaining 7.8 percent in all of 1996. Other market indicators, such as net absorption and vacancy rates, also showed significant improvement. CB Commercial/Torto Wheaton Research reported that net absorption reached 16.3 million square feet in 1997's first quarter -- a rate that, if it is sustained for the remainder of 1997, will result in an annual total of 65.2 million square feet,