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Underlying commercial real estate demand drivers, based on first-quarter data, are "sinking fast, and demand will hit rock bottom" this year, said Property and Portfolio Research (PPR), Boston. While retail will have the largest setback this year, based on current low consumer spending levels, apartment demand will have lightest demand loss of all properties but will still take its heaviest loss in the past 25 years, said Andy Joynt, real estate economist at PPR. He said increasing rents, unemployment and shadow supply of single-family housing rentals factor into apartment demand declines for the near term.