This latest accounting does not include 360,000 sf from Charles Schwab, which is closing a call center operation, and 200,000 sf from leading employer Motorola. Meanwhile, rumors are running rampant that Dell too will put some of its space on the market. Dell has steadfastly said it is still weighing its options. Buls' assessment is that now is the time for Dell to really look at its space now that layoffs reportedly are completed. "Dell pays a lot of attention to the bottom line," emphasizes Buls.

On the bright side, Buls says 350,000 sf of the available sublease space has been spoken for since the beginning of the year. But, he quickly adds, "we want to see that number rise faster."

Buls says the Austin market is being hit by discounts for sublease space. He puts the average at $2 per sf to $3 per sf. But, those discounts aren't being advertised but rather gleaned at the bargaining table. Aside from discounts, sublessors are beginning to kick in telephone systems and furniture as signing incentives, according to Buls. He says the trend right now in the market is that building owners are paying more attention to sublessors, some of whom have inked direct lease contracts that severely restrict ability to sublease.

"Anybody who was trying to get into Austin last year and couldn't get here has to be taking a serious look at this sublease space," Buls tells GlobeSt.com.

In Buls' latest accounting, the northwest corridor, a favorite roosting spot for high tech, has about 1.4 million sf of the available 2.2 million sf. The southwest submarket is riding at 273,098 sf while the CBD is shouldering 237,130 sf. The northern submarket contains 140,737 sf; south, 77,894 sf; northeast, 62,447 sf; and some 50,000 in three smaller submarkets.