Office — Lot full. There is almost no available commercial spacein Seattle and Bellevue. Plain and simple. Colliers Internationalplaced downtown office-space vacancies at 0.62 percent for thesecond quarter. CB Richard Ellis was only slightly higher at 1.01percent, and placed Bellevue's downtown vacancy rate at 0.69percent.

Moreover, Colliers found that 84 percent of the 4 million squarefeet currently under construction is spoken for. Brokers are nowsuccessfully marketing space that won't become available until 2002and beyond, which can be unstable when a newly-public web companymay want 180,000 sf one day, but because of stock marketfluctuations, can only afford 100,000 the next.

Amazon.com is a good example. Earlier this year, Amazon.com waslooking for 750,000 square feet in the region. Now, most likelybecause of its stock-market performance and continuing losses, thatrequest is off the table, and the company is reportedly puttingsome space back onto the market. They'll no doubt be able tosublease it at a profit.