Robert Porter Jr, President of CORFAC International, said: 'Our market analysis reveals that in the eyes of our professionals in the commercial real estate industry the cup is half full and half empty in 2003. While the consensus is that the overall industry will eventually rebound in 2003, the recovery will be slow and tempered.'

Half of respondents of the survey felt that business within the commercial real estate industry would experience moderate growth in 2003 with another 40% believing that things will remain the same. The remaining 10% either forecast huge growth or negative effects. When asked about the timing of a potential recovery, the vast majority believed that it would take place in the third and fourth quarters of 2003.

According to the survey, though, the main obstacles to a market recovery are lack of employment growth (40%). Political factors such as war scored just 25% and oversupply of sublet space on the market trailed in after that. 15% believed that a variety of other factors, such as competition from foreign markets, would hinder recovery. The general consensus was that in all sectors the investment sales market would remain strong in 2003.