Properties in the downtown had lost half of the their taxable market value. Today, all that has changed. We've created a new reality for Saint Paul. Our downtown is thriving and the neighborhoods are experiencing a rejuvenation both in population and in business. I hope you'll indulge me for a few minutes while I mention some of the positive things that are happening.
Downtown is now one of the hottest new locations for businesses.
That same trend has continued into this year. As a frame of reference for how far we've come, consider that prior to 1996, Saint Paul was absorbing an average of only 90,000 square feet a year. This positive absorption will fill-up our existing space by the end of 1999. In fact at this rate, Saint Paul could support one new office building a year just to keep pace with the demand. From the beginning this was a great deal for our City.