The United Kingdom's commercial real estate market is expected to recover this year, but observers warn the recovery might only be temporary. "We've gone from Armageddon to a frothy investment boom in the space of a year," said Sabina Kalyan, a London-based senior director of European strategy at CBRE Investors, a unit of CB Richard Ellis Group. "Property was priced historically cheaply and has gone from being a no-brainer to fair value," Kalyan said.

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