But, direct or sub-lease, tenants aren't signing. Rob Aigner, executive managing director of Seattle's Colliers, says there is a complete lack of what he calls "velocity "or "deal flow." "There are no transactions happening. It's a complete role reversal from 18 months ago," Aigner tells GlobeSt.

He says landlords are doing everything in their power to generate transactions and induce companies to move, including some free rents. Aigner says rental rates here on Class A downtown space is off 15%. "It's a market reflection of landlords dropping rents to induce moves," he explains "But, you can't do enough to make moving financially feasible," says Aigner, adding, "A savings of $2 a square foot just isn't enough. Moving is an expensive proposition. You upset your company for a while. There are lead times, new furniture--lots of costs."

For those trying to make a living brokering leases, Aigner says, "Brokers are digging under rocks trying to find any kind of breathing tenant that might have an interest in moving." But, even if they find one, he says it's more likely that they will end up renewing where they are. "Companies are not looking to move or expand right now. They're being cautious, standing on the sidelines and taking a wait-and-see attitude," he says.