As an example of saturation, Rogg's numbers show 12 new office projects totaling 1.2 million sf are under construction. Preleasing is at 28%. Twenty-seven more projects totaling 2.7 million sf are on the drawing boards. Sublease space alone is at the 3.2 million-sf mark, according to other new figures from the Orlando office of Grubb & Ellis Co.

"Only private buyers are left," Rogg tells GlobeSt.com, as lenders tighten underwriting guidelines. Among the potential buyers are institutions with 1031 requirements; selective institutions searching for core assets; some REITs; and private investors from Germany and the United Kingdom.

In the sellers' stable are merchant developers, opportunity funds, REITs selling non-core assets, selective institutional funds and publicly-traded corporations.

There is 3.8 million sf of office product valued at $429 million currently on the market in Central Florida. "More is coming on line," Rogg predicts. The average asking cap rate is 10%. The average asking per-sf price is $113.

Down the road for this year at least, Rogg sees a continued over-supply of product; flat rental growth; and an emphasis on in-place income and exit strategies by buyers.

The broker also projects the market will see more conservative underwriting; increased REIT buying activity; more emphasis on credit; and higher risk-adjusted yield requirements.

Nationally, the investment market isn't any rosier, Rogg's research finds. A total 400 office buildings aggregately valued at $37 billion were sold in 2000 versus 642 buildings sold in 1999 and 835 buildings changing hands in 1998.

Seventy-five percent of the national sales were done in the 24-hour, seven-day cities of New York, San Francisco, Washington, DC, Seattle and Boston.

Besides the 24/7 cities, buyers are still looking at product in high-growth and western cities such as Las Vegas, Phoenix, Austin, Los Angeles, Chicago, Houston and Atlanta, Rogg tells GlobeSt.com.

Among the hot products are apartments, industrial, grocery-anchored retail, refinancing, redevelopment and infill locations. Buyers, however, are not showing much interest in regional malls, power centers, office buildings, new development, high-tech and tertiary markets.

Nationally, the average marketing time for apartments is 5.83 months; strip centers, 5.88 months; suburban office, 6.75 months; industrial, seven months; and CBD office, 7.45 months.