GlobeSt.com: Can we assess the damage in terms of institutional sales in 2001?
Pumper: There was a drop-off in major transactions of about 60% from 2000 to 2001, and keep in mind that 2000 was not a high-water mark. The majority of office properties taken to market in 2001 were pulled off the market and refinanced by owners who elected to hold for another year or two based on significant bid/ask spreads. Just look at cities such as Denver and Dallas and Minneapolis; there was a major disconnect between buyers and sellers in the primary and secondary cities. The other thing that goes hand in hand with that is the amount of sublease space in the market.
GlobeSt.com: Who was doing the deals in 2001?
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
