Blau claims there are "three major factors that were eitheracting upon the industry on Sept. 10 -- or had the potential to actupon the industry."

Those factors included the ongoing consolidation of commercialproperty ownership that according to Blau "emerged from thedebt/equity/liquidity crisis of the early 90's and gave rise to thephenomenal growth of REITS." Blau notes that over the past decadeREIT market capitalization has grown from $6 billion to more than$300 billion, constituting at least 30% of commercial properties inthe US.

The second major factor, Blau says, was the REIT ModernizationAct of 2000, which allows REITs to use taxable subsidiaries tocreate new third-party service ventures. That allows propertyowners to also own brokerage firms, he says.

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