Deloitte LLP’s commercial real estate outlook for 2012 includes a cryptic subtitle: “A potential pause in recovery momentum.” There are, in fact, some market indicators trending downward. However, for ULI members spread across the commercial real estate landscape, the forecast is decidedly more mixed for the coming year, depending on the market sector.

On the positive side, commercial real estate is benefiting from favorable fundamentals and absorption dynamics, with record-low construction activity driving better rent and vacancy trends, particularly in the apartment and lodging sectors. This is attracting greater foreign investment, and overall transaction volumes continue to climb. Meanwhile, there’s still a significant amount of unused reserve financial capital on the sidelines, waiting for investment opportunities. So capital availability and improved fundamentals bode well for 2012.

On the flip side, though, economic growth has softened, real estate loan delinquencies remain high, credit markets have turned volatile, and loan underwriting standards continue to tighten. These are the factors that threaten the real estate industry’s momentum. In short, according to Deloitte’s report, the commercial real estate market “appears to be on a gradual but uneven path to recovery.”

Deloitte’s report highlighted commercial real estate’s top ten issue trends for 2012. Here’s the list: