Still, several brokerage firms said their new contract activity was running ahead of the same period last year.

WSJ: Property Slips in Manhattan

Real estate managers frequently contract with affiliated property management and brokerage entities.

FORBES: The Art of Theft: How Corporate Fiduciaries Steal From American��s Pensions (February 2, 2005 )

These managers charge the highest fees (thus have lots of money to attend consultant conferences and contract for consultant marketing advice) and have lots of brokerage dollars to kick-back to consultants.

FORBES: Public Pension Shortfalls and Consultant Conflicts (September 1, 2002 )