"The fall in volumes was driven by global credit conditionswhich made debt both less available and more expensive," says TonyHorrell, JLL's CEO European Capital Markets. "As a result, manypurchasers are unwilling or unable to transact at prices seen in2007, while vendors are unwilling to reduce expectations. This hascaused a stand-off between buyers and sellers, particularly forlarge lot sizes."
Europe remained the leader of cross-border transactions, with58% of deals involving foreign or global investors. The figure,however, was down eight points from the 66% recorded last year.Asian cross-border transactions saw an even steeper decline,dropping to 34% from 46%. North and South America, on the otherhand, saw the figure increase to 30% this year from 25% a yearago.
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