"It's really a feeble market at this point across the board,with a lot of people sitting on their hands," Sullivan says."Corporate America is nervous at this point. . . . Leasing ison-again, off-again all year. There's a lot of tire kickers outthere."

Still, there are exceptions, Sullivan adds. "If it's class A,the institutional buyers are out there in droves," he says. "It'svery, very competitive."

That's because "most of the low-lying fruit has been picked,"Sullivan notes. The more desirable industrial product is either notfor sale or being pulled off the market by sellers whose loftydemands are not being met. "Outside Chicago, the spread between buyand ask is so high that's nothing's happening," Sullivan says. Hepredicts more owners may opt to refinance properties to raise cashrather than sell.

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