The June edition of RCA's Global Capital Trends reports that property sales in the Americas are projected at $8 billion for the second quarter, off just 6% from Q1 but down 83% year-over-year. In EMEA markets, Q2 transactions are off 24% from Q1 to $17.3 billion, a 71% YOY drop. However, Asia Pacific numbers are in the positive column, with RCA projecting an 18% gain on the prior quarter for a total of $23.3 billion--nearly half the global total for Q2.

Robert M. White Jr., RCA's founder and president, tells GlobeSt.com that "we're probably at the bottom" for transaction activity but the rate of upturn will be sporadic across the globe. "If anything, the downturn was correlated more closely across property rates and geographic regions than the recovery will be," he says.

However, White adds that there are encouraging signs outside of China, Japan and Australia. "Activity in Europe is growing, especially the UK," he says. "And there is a buzz in the US, too. In the past few weeks, we've seen more and larger deals. I wouldn't say it's a quick rebound, but frankly I don't think volume could sink any lower in the US."