The commercial real estate industry is clearly at a crossroads. Some suggest that the economic recovery will bolster the market and lead it back to the old norm. While the continued economic recovery will indeed ultimately help the industry, that help will be both lagged and muted by the magnitude of the headwinds the industry must overcome. Although the road ahead will be foggy and peppered with potholes, there are an increasing number of signs that spatial market fundamentals have bottomed out and are on the gradual road to recovery. There is a real danger, however, that the real estate capital markets have gotten ahead of the spatial market recovery, with recent returns at unsustainable levels.
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