"There definitely appears to be more demand for it, especially shorter-term subleases on the part of the tech sector," Marty Melbardis, a first vice president with Colliers who represents both tenants and building owners. "They are looking for great economics but they prefer the two- to three-year term, or even less in some cases, because it fits their business model, which typically call for rapid growth."

There are currently 308 sublease office listings in the market. The average sublease size is 7.316 square feet. The average term is 33 months and the average time listed is approximately nine months (260 days). About 20% of the total sublease listings (63) and about 20% of the sublease space (473,023 square feet) is tied to leases expiring within the next 12 months.

"As these leases being marketed for sublease expire and go direct, it could cause more distress for owners but it could also help stabilize the market from a rental rate standpoint," Melbardis says. "You're no longer going to have those $12- to $18-per-square-foot sublease asking rates being averaged in and the rate on that space instantly goes to $30 per square foot."