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

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.

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

Why did Seattle make such a dramatic move? All of the positive forces are expected to come together at the same time.

That's the primary reason overall volume went up.