China was the only country to post a significant gain, up 139%to $156 billion, some 41% of global volume. Without it, volumewould have fallen 52%.

"While the annual comparisons reflect broad declines since 2007,quarterly data show a marketplace that appears to be making aremarkable recovery," RCA says. Volumes surged in Q4 to $147billion, the first rise in seven quarters. "So far, investmentactivity is rebounding in a clear V shape but risks remain, andsome fear the V could easily become a W. Nevertheless, sentimentamong investors is much improved and 2010 is starting with a broadbut cautious sense of optimism."

Fourth quarter global deals surged 85% against Q4 2008 to $147billion. Volume was up across markets geographically and acrossnearly every property type, with hotels the sole exception. Salesof office, retail and industrial properties were up 29%collectively.