The downturn wasn't so much a demand problem, or even problemswith the economy, as it was a lack of improved propertiesavailable, the report notes.
"Declining property sales are only partially attributable to aslowing national economy and downturn in the high-technologysector," Grubb & Ellis reports. "The lack of available productfor sale in 2001 was the major factor behind the decline inimproved property sales."
The outlook for 2002 is grimmer.
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