Global office market still tenuous

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While the global commercial real estate market remains tenuous, with Manhattan and Miami still struggling, Newmark Knight Frank’s 2010 Global real estate markets annual review shows that progress is being made, with several office markets around the globe having shown improvement by the end of 2009. Both the Manhattan and Miami office markets hobbled through the end of the year, according to the report, with Class A office space vacancy rates of 8.1 percent and 20.8 percent, respectively, by the end of the fourth quarter. The Asia-Pacific region showed the most progress in the second half of 2009, while the fragile economies in Dubai and Spain still pose a risk for global recovery in 2010. TRD

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