ReFla asked members of its editorial advisory board what issuesthey thought are having the biggest impact on commercial realestate now. This is the first of three thought-provokingresponses.

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Two things will dramatically affect our business this year. Thefirst is the limited availability and increased cost of credit,which will greatly reduce the number of deals that get done thisyear.

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The second will be the huge increase in sublease space broughton by the significant reduction in activity that most businesseswill experience. This will result in a significant reduction inrental rates going forward for the next few quarters.

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That should cause a significant drop in sales prices ofinvestment properties.

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Ted Bywater is chairman of the BywaterCo.

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