"The U.S. is in a better economic position than most other developed countries, but for the office sector to return to historical growth norms like we saw in 2011, the private sector needs the confidence to reinvest the cash they have been sitting on, to fuel future growth," said Ben Breslau, Director of JLL's Americas Research.
"Suburban geographies from Boston to Chicago, New Jersey, Phoenix and Detroit have a long way back, not just to 2007 levels, but even 2001 levels, as most of these markets never fully recovered from the recession 10 years ago," Sikaitis said. "Some markets and submarkets will need to make major adjustments or even re-invent themselves to avoid becoming obsolete."
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About Jones Lang LaSalleJones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com. SOURCE Jones Lang LaSalle