The surge in Danish commercial property investment volumes in 2009Q4 is not as encouraging as it first seems. Although the economy is now expanding again, the 7% peak-to-trough fall in GDP will mean that income security remains an issue. Although distressed sales may prop up turnover figures, with no sign of employment levels stabilising, and an anticipated tightening of credit in Q1, a sustainable investment market recovery is not yet in sight.
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