CHICAGO-Overall commercial real estate sales volumes have reverted to levels of roughly four years ago, according to Jones Lang LaSalle’s Spring 2008 US Investment Market Report. The report, which was issued earlier this month, says transaction volume plummeted in the first three months of the year to $39.2 billion, a 69% decrease from a year ago.

Report author Josh Gelormini, vice president of research for Jones Lang’s capital markets team, predicts volume will continue to be much lower into 2009. Though he notes potential for some acceleration in second half of the year, he says it won’t be sufficient to return transaction volume to previous levels. Furthermore, he says preliminary data suggests the drop-off in deal volume will be more severe in Q2 than in Q1, as the US and European economies worsen and Asian markets begin to suffer from the credit crunch and global repricing of risk.

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