With very few exceptions, total returns in noneuro European commercial property markets are, on average, forecast to be negative in 2009 and 2010, before recovering in 2011 and beyond. (See Charts 1 to 8 on page 3). Although Ireland and Spain will buck the trend, commercial property returns in noneuro European markets in 2009 and 2010 will generally be weaker than in the Euro-zone.
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