Slow labor comeback may drag CRE recovery into 2011

A forecast released Monday by Grubb & Ellis predicted the commercial real estate market would not recover nationally until 2011. "The national economy has begun a slow and cautious recovery, but the labor market, which often lags the broader economy, will turn around only gradually with sustained improvement unlikely before the second half of 2010. Because commercial real estate lags the labor market, it still has a ways to go before reaching its own low point," said Bob Bach, the firm's senior vice president and chief economist.

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