The U.S. commercial real estate sector has marked another year of recovery in 2012. But as the year winds down, it is becoming clear that its climb back from the depths of the Great Recession will continue to be slow in the near term due to considerable economic uncertainty. Yet investors take some comfort in the long overdue, fledgling rebound of the single-family housing market, among other signs that stronger economic growth isn’t too far off. What’s more, a recent uptick in transaction activity in secondary and tertiary markets, as well as other bright spots, may be signaling the beginning of a broader recovery in commercial real estate.

Fueled in part by the economic momentum of late 2011, this year got off to a strong start. Growing leasing and transaction activity, particularly in major markets, and a nascent recovery in the commercial mortgage–backed securities market created plenty of optimism.

But the economy softened during the summer months,