Private investors are basically selling their smaller assets and consolidating to fewer, larger assets through 1031 exchanges. On the flip side, a lot of institutional investors are reshaping their portfolios. They are disposing of whatever doesn't fit their long-term plans, leveraging the current record buyer demand and record pricing.

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That's the primary reason overall volume went up.

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I call 2005 the year of large transactions and portfolio sales.

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These are the supply and demand conditions that ought to deliver a pretty good return based on the data.

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