"Commercial real estate fundamentals will continue to remain weak for most of 2010 before widespread stabilization and an initial recovery take hold in 2011," according to the report.

"The recovery will be uneven across U.S. markets as some will record growth much sooner than others. Markets with good growth prospects prior to the recession that also have limited exposure to the housing, auto manufacturing, and high finance sectors will be among the first to recover."Still, the major indicators, such as the labor market, experienced a slight but "lackluster" recovery during Q1. "Employment gains in March were the first step in a long journey towards the recovery of 8.4 million jobs lost during the recession," the report notes.

"Economic output, as measured by GDP, grew robustly last quarter, but the major growth driver during the quarter, the change in private inventories, is unsustainable long term."

JLL's researchers believe the country has hit the bottom of employment declines, and are pleased to see the slight improvement during Q1, even if additional jobs were not added at the rate many expected. The unemployment rate has remained consistent at 9.7% in March, the third straight month; and this number is not likely to improve during Q2 as many disheartened unemployed people return to the job search.

Retail sales, a prime indicator of consumer confidence, has grown moderately during four of the past five months. And many retailers are seeing significantly different sales numbers this year than at the same time last year.

The report was compiled by JLL's Ben Breslau, Paul Leonard, Lauren Picariello and Justine Morrison.