Transwestern's research director Justin Garrett tells GlobeSt.com that is the highest two-week sublease signing since November when he started tracking that segment of the market. "I think that is phenomenal," he says.

Garrett puts the available sublease space at slightly more than 1.5 million sf, including 396,602 sf that is being marketed, but isn't yet available for move-in. His figures differ from that of Mike Buls of Buls Hodge Consulting in Austin, but there's a reason. Buls' near 1.75 million sf, which hit brokers' desks yesterday morning, hasn't had the recent signings deducted. Buls tells GlobeSt.com that will be done by Wednesday or Thursday.

Buls started tracking the sublease sector in February as a result of concern in the brokerage community. "We've never had this amount of sublease space in all my years as a broker," says Buls, who has been working the Austin market since 1986.

Garrett stands behind his two-week office tally, which is the result of nearly 100 regular calls to area brokers. The industrial market, he says, is remaining fairly constant at 242,870 sf.

Garrett can freely discuss some of the deals while others remain hushed until brokers make their announcements. There is a sublease deal pending for better than 21,000 sf that will make Garrett's numbers look even better. Royce Lacey at NAI/Commercial Industrial Properties has just closed a 34,871-sf lease that's included in the latest accounting. It's those kind of transactions help ease the pain from 85,000 sf that's come to market as a result of BMC Software backing out of more space at Avalon Building 4.

It's unrealistic to think that close to 300,000 sf can be leased every two weeks but, says Garrett, it would be nice. He's said it once and he'll say it again, "this market is not in a recession. It's in a correction.