Route 128 and Interstate 495 have been witness to anunprecedented boom in office space and lease rates, most of it fromhigh-tech companies. At one time, $40 per sf was thought to be thebarrier rate on 128 but since then rates have shot past that up to$50 per sf.

"We're going to see a rolling technology correction," saysStephen Coyle, director of market research at Boston–based Property& Portfolio Research in an interview with Globest.com. "Theartificial exuberance will pull lease rates down somewhat. "

With financing running dry, a number of start-ups have beenforced to dump their office space on the market. At WatertownArsenal, a trio of firms put empty offices up for rent. CMGI Inc.has been scaling back on its network of Internet companies.CA-based Cisco Systems, which has plans for nearly two million sfof office space along 495, recently took a big hit in the stockmarket. New Jersey-based Lucent Technologies' plans to build alarge office complex on 495 have recently become less clear.