"Office building owners are less cocky regarding rates and terms," writes one participant in the survey, "and most are being more responsive to RFPs. The primary reason is the competition from subleases and reduced activity due to overall economic slowdown."In fact, some 64% of our participants project that leasing activity in the fourth quarter will drop more than 10% over last year's Q4 activity, while 29% say it will dip by less than 10%.

It should be noted that 29% of respondents to this question say they reside in the Northeast while the Midwest and the Southwest each claimed 19% of the participants. Some 17% say they hail from the Southeast and 16% from the West Coast.

If most respondents are looking at a decrease in activity, what do they see their clients doing in what remains of the fourth quarter? Most (77%) see them consolidating and subleasing excess space. While 16% of brokers surveyed predict that their clients will relocate within a district, some 6% say their tenants will pack their bags and head out of the CBD--a possible salve for Big City Jitters? Only 1% say their corporate clients will make the reverse trek. This, most likely, is a cost consideration as much as anything else.