WHOEVER COINED THE TERM "SUMMER slowdown" certainly hasn't seen a summer like this one. The past few months have been eventful, to say the least, between billion-dollar property acquisitions, game-changing mergers and significant executive appointments.

The past few years have certainly been interesting. The optimism that abounded during the first half of each year was quickly dashed by mid-summer, as job growth slowed and other economic indicators posted disappointing or alarming results. At the same time, prices in most markets are rising and cap rates are dipping as investors flock to the safety of real estate. For many in the market, it's been a tough time to make decisions.

Commercial real estate has long been considered one of the last industries where the glass ceiling hasn't been breached. But if the women on the next several pages are any indication, the "Old Boys' Club" may no longer be an apt description for the business. Women entered the sector in droves over the past few decades, and many have risen to the C-suite and are among the top decision-makers at their firms. As such, the editors of REAL ESTATE FORUM had a tough time selecting this year's Women of Influence. We weeded through some 200 worthy nominations to come up with 45 exectives whose accomplishments were particularly impressive. With an increasing number of women currently paying their dues and rising to management-level positions—not to mention mentoring a younger generation of female professionals—it seems like we'll have our work cut out for us in the years to come.

IF YOU TAKE A LOOK AT CONDITIONS TODAY, things probably look pretty familiar. The "recovery" still doesn't feel like one; Congress is still bickering; the Eurozone is getting hammered; the unemployment rate has averaged almost 8.3% for the past six months and job growth is modest, at best; office absorption isn't improving by much; capital, unless you have a best-of-the-best deal, is still not easy to obtain; and the only transaction activity and price growth that's occurring is being fueled by interest rates, which remain at record lows.

WOMEN HAVE COME A LONG WAY IN THIS industry over the past decade or two. FORUMs sister website, GlobeSt.com, reported on a recent study by Ferguson Partners that found REITs with at least one woman on their boards have had significantly higher shareholder returns than those without—2.6% higher over a three-year period and 3.6% over five years.

IF RECENT DATA FROM THE US COMMERCE Department are any indication, warmer weather does put people in a better mood—or, I should say, a spending mood.

When Real Estate Forum last profiled GE Capital Real Estate in 2007, the firm was on an aggressive expansion path. Namely, growing its equity activities, particularly in global markets. Its focus was on acquisitions and operations, while most of its debt activity involved restructuring its loan portfolio.

THE GREAT RECESSION AND SUBSEQUENT SLUGGISH ECONOMY OF the past several years saw many commercial real estate service firms retrenching. Yet while its counterparts were cutting costs and announcing mass layoffs, Transwestern found itself doing just the opposite. The Houston-based commercial real estate services, investment and development firm took advantage of the dislocation in the market to embark on an aggressive growth plan that, according to company officials, has positioned it well for the upturn.