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Bruce Duncan
Just minutes after Strategic's call, we jumped on to hear about First Industrial's 2010. It increased occupancy in its portfolio, and is up to85%, thanks in part to expanding its lease to 486k SFin its Central Pennsylvania portfolio. This represents a 350 bps improvement in occupancy, although First Industrial CEO Bruce Duncan expects that rental rates will drop 10% to 12% as leases expire and the company tries to keep occupancy up. He expects occupancy to be at 92% in two to three years.