The rising office vacancy rate -- which, by one estimate, could reach 16.7% by the third quarter -- is driving up the supply of subleased office space. For example, in Chicago, the amount of available subleased office space rose to 3.15 million square feet from 3.08 million square feet between the third and fourth quarters of 2008. "The keys to successful subleasing are timing, target market and pricing -- packaging the deal appropriate to be well received by the market," said David Wilson, executive vice president and managing director at HSA Commercial Real Estate.

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