Mike Buls of Buls-Hodge Consulting puts the latest preliminary tally at 1.89 million sf. The office and industrial sublease space would have hit the two million-sf mark, save for the elimination of 108,000 sf that CSC has pulled from the list. A final version will hit brokers' desks Friday. "I don't think there ever was a situation here where this has happened," he says of the rapidly rising numbers.

Buls tells GlobeSt.com that talk on the street is that rent could drop by as much as $2 per sf in lieu of finish out if this pattern keeps up. He says a few random deals have been cut, but not enough right now to impact the overall rental rate.

Buls collates data from the Austin brokerage community and issues updates twice a month. "The only thing it means is it's here for awhile and the tenants are going to start to be more aggressive in their marketing," he tells GlobeSt.com. Some 272,000 sf has been leased in recent weeks, but it's still not enough to brighten the prospects, he says.

The shutdown of Janus Funds' call center is the main driver for the spike. On the bright side, part of that 274,000 sf reportedly is optioned. The northwest sector still leads the region with the greatest amount of space, accounting for 62% of the market. Ten subleases in that market represent 33% of the 1.89 million sf, says Buls. Meanwhile, there's a filled sign hanging on sublease space in the southeast and southwest submarkets, neither of which has felt the harsh sting of the high-tech shakeout.