Brazil, where one of the steepest declines in rents occurred, is also home to the city with the biggest increases among the 274 streets monitored by C&W. That would be Sao Paulo, where the Alameda Lorena and Iguatemi shopping districts rose 111% and 79.3%, respectively, according to C&W.

Latin America, with a 10.3% rent growth, and the Middle East and Africa with a more sluggish 0.8% increase, were the only global regions that saw positive numbers in a 12-month period. Rents were off year-over-year by 1.5% in Eurozone nations, 2.4% in Western Europe, 5.8% in Europe overall, 12% in Canada and the US, 14.7% in Central and Eastern Europe and 17.3% in Asia Pacific.

Looking toward the future and eventual recovery, the report cites "a greater degree of optimism surrounding the global economy." Indices of business activity and household confidence are on the rise in many countries, and some economies have climbed out of recession, at least technically.

However, the report states, although "some sort of economic bounce" is expected later this year and early next year, "any recovery is likely to be slow, fragile and uneven." In a release, John Strachan, C&W's global head of retail, puts a more positive face on it, saying, "There will undoubtedly be some markets which will continue to be affected over the next year. But we expect to see a greater number move back into positive territory."