But he and other brokers noted that the need for modern, up-to-date logistical capabilities at warehouse-distribution centers continues to drive real estate activity.

Early in the day, brokers noted, Mr. Prechter had made bearish comments about the stock market, suggesting a steep decline was possible.

The brokers noted that the effect of selling and buying was exaggerated because of the extremely thin volume.

Other brokers note that their tenant clients are optimistic enough about the economy to go ahead with expansion plans, particularly if they can lock in tomorrow's space at today's rents.

As one broker noted, "Everyone wants to sell at 1987 prices and buy at 1989 prices."

When all the new space is completed, brokers noted, the vacancy rate might rise.

Second-home buyers, brokers note, are also usually more affluent and confident about their financial future.

Beyond Manhattan Greater Demand For Studios In the other boroughs, and across the Hudson in New Jersey, brokers have noted some similar patterns.

Some inquiries about commercial space are coming from government offices that have been dislocated, various brokers noted.

Both brokers noted a surge in the demand for studios.