The assessment was leveled at Criner's annual "state of the market" address designed to close out the year. There is 3.3 million sf under construction in the CBD and the promise of space blocks coming on line due to Enron's meltdown. "Space will have to be re-priced to bring people in from the suburbs. I challenge anyone to find internal demand for that space," he tells GlobeSt.com.

Criner is a strong believer in the downtown's vibrancy. Ultimately, he says the market will absorb the office space coming on line. The Catch-22 is rents will have to be decreased for that to happen, he says. In the past year, CBD class A rent has spiked 8% and 23% in the last three years, according to Criner. The average class A rent has risen 84% in the past five years.

Conversely, suburban class A space has not increased in price in the last year. And, it's up just 6% for the past three years and 52% in the last five.