"Owners protected themselves through lease liability, securing large security deposits, usually in the form of a letter of credit for one to three years worth of rent," adds Greg B. Taubin, associate managing director of Julien J. Studley's Midtown Manhattan office. "Many owners had a recapture clause put into the lease agreement in case a tenant sought to sublease. Subleases are generally discounted, but owners find they can do better themselves.

"It's scary," he continues. "There's a plethora of dot-com space coming back. Sometimes they are like a ghost town with pool tables still set up and kitchens still stocked."

Popkin says it's difficult to quantify the exact impact of the dot-com implosion. He does note, however, that his firm did 65 technology deals in 2000 for 2.14 million sf and in the first two months of 2001 did six deals for 100,000 feet.

Even during the dot-com frenzy that saw multiple bidders for space, property owners were leery of potential tenants, reports e-commerce specialist Frank Hartmann, of Studley's Chicago office. "Building owners always review financials; more so now," he tells Midwest bureau chief Mark Ruda.

In all, "the dot-com activity's slowed to a healthy pace," states Austin-based John Childers, Colliers Oxford Commercial principal. As he explains to Southwest bureau chief Connie Gore, "We were at the point where people were lined up for space."

Sublease space in his market had totaled 779,723 sf in the first quarter, according to Childers' calculations. At the close of 2000, estimates had gone as high as 1.5 million sf. And, he points out, some of the freed-up space won't even become available until the third or fourth quarter. But at least now, tenants have choices, he concludes.