The study looked at the 617 tenants using more than 20,000 sf,which account for almost 48 million sf in the market. That's whereTrammell Crow found the small fraction of pure-play Internetcontent and commerce companies. Another 15% were incomputer-related businesses, while the rest were a variety. About30% are Standard & Poor's rated companies, 14% are governmenttenants, 4% are associations (a strong type of tenant in thismarket), and he remaining 29% are a variety of companies.

"The data says that the market is not some house of cards builton shaky credit," Callanan said. That's important in an area wherememories of the last real estate recession still sting almost adecade later.Owners can read the data two ways, Callanan said.First, it means that the market is safe for investment. Second, ifthere are so many other types of tenants out there, owners can holdout for better credit tenants.Callanan became interested in thequestion after reading an article on how quickly dotcoms were"burning" through their cash. He decided he wanted to inventory thelocal market and see how big a risk these companies might pose.