"Transaction activity, even more so than you see reflected in this report, has fallen pretty much right in line with all the other product types across the board," he tells GlobeSt.com. "There's been in excess of an 80% decline for the first quarter, over first quarter 2008." According to the report, year-over-year transaction volume was down 69% in Q4 and 56% for last year as a whole.
Though Gelormini initially declares, "Volumes can't get any lower than what you see right now," he subsequently admits they just might, at least for the next few months. Later in the year, however, he expects to see activity pick up as REITs and some other large investors are forced to pare down their portfolios.
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