As we cross the mid-year point of 2012, uncertainty continues to be a pressing issue affecting U.S. and Canadian businesses. The European debt crisis has worsened considerably and now threatens global economic stability. Although some European countries are sliding in to recession, the impact on the United States and Canada has so far been minimal, and whether or not it emerges as a significant factor in the second half of 2012, it will likely have an impact companies' decision-making with regard to commercial real estate.

Despite this uncertainty, economic indicators in the United States and Canada remain generally positive, although certainly not robust. During the second quarter, the United States added an average of just 91,000 jobs per month versus 226,000 per month during the first quarter. The unemployment rate in Canada fell to 7.2% in June, down slightly from recent months, with 181,000 jobs added in the past year.