All agree that part of the problem is the chasm between what sellers want and buyers will pay. But, there's also a "hold onto what you've got" attitude that is firmly rooted in the persona of the region's chief titleholders--REITs and long-term investors. Some tradeoffs have come down the pike in class B and C properties, but the class A coming to market are few and far between.

"There's a marked difference between what the sellers are expecting and what the buyers want to pay," stresses Michael O'Hanlon, executive director of Insignia/ESG in Dallas. "There is a disconnect." And, he adds, "when institutional money crosses a city off the list it also leads to a problem" in the sales arena.

"The herd is steering away from office," Randy Baird, C&W senior director, tells GlobeSt.com. "There are a few contrary buyers, but the major players are on the sidelines."

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