Holliday Fenoglio Fowler's Ed Frieze says his White Paper shows a strong economy that's fueled with equally strong job growth. Sure, there's a softening in the office market and there could be one coming in the multifamily sector, but all the hubbub over the city's sagging economy due to a high-tech fallout is fraught with misunderstanding. Frieze also believes any retreat, real or perceived, is just for the short-term. "From a development perspective, it's going to slow down in 2001 whether it's justified or not," he tells GlobeSt.com. "In my mind, I don't think the risk is as great as thought."

Occupancy is tight in all sectors, but that's not necessarily bad. The freeing up of sublease space, he says in agreement with others in the know, brings "breathing space" to those operations that have been unable to expand due to the city's choked space.

The high-tech sector accounts for just 14% of the employment base. That breaks down to 93,900 workers out of 672,000, Frieze explains. "The education-government sector is the real backbone of that economy," he says. That segment employs 140,000 residents.