by Calculated Risk on 7/30/2008 04:32:00 PM

“Decreased investment volumes have now become evident in all parts of the world."
Brett White, president and chief executive officer of CB Richard Ellis, July 30, 2008

Also from MarketWatch: Real-estate stocks fall on lower earnings, outlook

CB Richard Ellis blamed the decline on slowing economic conditions and the widening credit crunch, "which initially began in the U.S. and has now spread worldwide."

"I can best describe the current environment as being very challenging and still having a high probability of getting worse before we see improvement," said Chief Executive Brett White during Wednesday's conference call.
emphasis added

Prices aren't quite as sticky for commercial real estate as for residential real estate, but the pattern is similar - transaction volumes fall first, and then prices.