The starting point for this slow-as-molasses recovery was different region by region, city by city and even submarket by submarket. But allowing for local conditions, the one constant seems to be an improvement, virtually across the board in all markets covered.

The major markets in the Northeast and Mid-Atlantic showed slow, steady growth in 2011, but the dual impacts of the upcoming election and uncertainty on Wall Street remain unknown, despite improving labor market fundamentals. Commercial real estate markets in the Southeast are making steady, and sometimes notable, progress toward recovery—across all sectors. Although new development is still spotty in most markets, major metros in the Southeast are seeing financeable development plans and, in some cases, groundbreakings.

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