The starting point for this slow-as-molasses recovery wasdifferent region by region, city by city and even submarket bysubmarket. But allowing for local conditions, the one constantseems to be an improvement, virtually across the board in allmarkets covered.

The major markets in the Northeast and Mid-Atlantic showed slow,steady growth in 2011, but the dual impacts of the upcomingelection and uncertainty on Wall Street remain unknown, despiteimproving labor market fundamentals. Commercial real estate marketsin the Southeast are making steady, and sometimes notable, progresstoward recovery—across all sectors. Although new development isstill spotty in most markets, major metros in the Southeast areseeing financeable development plans and, in some cases,groundbreakings.

The Midwest property markets are riding a surge, thanks to theapartment sector, gaming industry and corporate headquartersbusiness. The major markets on the West Coast have held uprelatively well, for the most part, but some have fared better thanothers.