A Moody's report paints a grim picture for the recovery of the commercial real estate market. Markets won't improve until late next year at the earliest, and a recovery might be as far off as 2012 under a worst-case scenario, according to the report. "This much is certain: Because commercial real estate has not changed its stripes, it will continue to be an economic performance dawdler, typically lagging macro trends by between four and six quarters," the report said.

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