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LONDON-As we prep for 2013, the watchword remains “caution,” even as the economy (and therefore commercial real estate) travels its sluggish path to recovery. This year’s Emerging Trends, the annual opus of ULI and PwC, said it best:

“As investors tentatively advance further along the risk spectrum, in 2013 chasing yield, they suffer queasiness about the limitations of US real estate markets. There is just not enough product to get the yields they want.” Add to this slow-to-improve fundamentals and lingering concern Europe’s fiscal crisis could waft this way, and the challenges facing would-be sellers of product comes into stark relief.

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