"Our role has been slowly changing," said Tony Miltenberger of Colliers International who focuses on the Kent Valley southeast of Seattle. "We have gone from representing tenants looking for space to representing tenants trying to sublease space."

According to a recent survey by CB Richard Ellis, the industrial market is definitely catching its breath from a two-year run of big-time demand. The vacancy rate for the region rose to 4.46%, compared to 3.04% the last quarter of 2000.

"I really thought the vacancy rate would come in at a larger number than it did," said Jeff Veraldo, CBRE's information management coordinator. "It came in at 4.46% but I was expecting more like 5.5% or 6%. There are a lot of larger spaces out there right now, so I don't see the vacancy rates really dipping any time soon."