The National Real Estate Investor recently reported the findings of their 6th Annual Investment Survey of commercial real estate investor plans:
“After a quiet year of investment sales, buyers are preparing to forge ahead with acquisitions in 2010. Two-thirds of investors (65%) who responded to the 6th Annual Investment Survey plan to boost their investment in commercial real estate over the next 12 months. That figure is up from 56% in the third quarter and 51% a year ago.”
While buyer interest has ticked up, take a look at Figure 2 “Cap Rates Needed for Aggressive Buying“, below. This threshold is at least 20% off of current market levels. Our interpretation of this survey is that there is still a large disconnect between buyers and sellers, and this condition will continue into 2010. 
[...] of continued pricing disconnection between buyers and seller in 2010 in our recent post covering NREI’s 2010 Investment Outlook. But the TBI results indicates that there is continued compression of the bid-ask price [...]