What do you get when you combine falling real estate valuations with higher interest rates and lower LTV in an inflationary environment? You get a commercial property market where big transactions are scarce, and brokers don't know what price to list assets at.

Savills' MD in Prague Stuart Jordan says deal flow will remain slow not because of psychology -- but because the math simply doesn't work for most investors. The deals that are happening, he says, are driven by investors who know exactly what they're looking for.