According to panelist Jeffrey Dunne, a vice-chairman with CBRichard Ellis, there is money for deals in the market. Unlike thecrisis in the '90s, when equity was lacking, there is plenty ofequity in the market today. Most of the investment funds, however,are being cautious and are only taking on smaller deals or dealswhere there's existing debt in place.

[IMGCAP(2)]Arthur Stern, a founding partner and CEO of CogswellRealty pointed out that the lack of clarity in the current marketis making many companies reluctant to commit. "We've all beenthrough tough cycles," he said. "What's missing from this cycle isclarity. Nobody knows where the market's going to go." He explainedthat the uncertainty was making sellers reluctant to sell propertyfor the lower-than-last-year prices dictated by market conditions,tenants unwilling to sign new leases and lenders reluctant to handout as much money as they would have a year or 18 months ago.

"The grease that makes the market run is debt, but right nowdebt is gone," said Dunne. "Everyone is nervous. Lenders are afraidfor their jobs and are being scrutinized. They want more databefore they proceed."