That’s the primary reason overall volume went up.

Private investors are basically selling their smaller assets and consolidating to fewer, larger assets through 1031 exchanges. On the flip side, a lot of institutional investors are reshaping their portfolios. They are disposing of whatever...

Why did Seattle make such a dramatic move? All of the positive forces are expected to come together at the same time.

These are the supply and demand conditions that ought to deliver a pretty good return based on the data.

I call 2005 the year of large transactions and portfolio sales.