JLL is putting the total investment volume for the fourth quarter in 2009 at €385m, which it says was double that of the first three quarters of the year. We’re hoping to get a bit of a look inside those numbers, but for the meantime, we’ll ponder the observation that the first distress sales began happening in the last quarter, most of which were handled through auctions. George Lewis, Head of Capital Markets at Jones Lang LaSalle believes the mood has improved.
“Already in 2010 investor outlook is more positive with a general enthusiasm for deals to happen during the course of the year. Investor groups remain highly selective and are focused on prime product. The biggest challenge facing investors is the availability of the right product at a pricing level, which makes sense for both the buyer and the seller. While bank finance remains limited, we do not anticipate any significant activity for secondary product.”