"The election itself doesn't clear the air of the uncertainty in the marketplace," said Ben Breslau, Jones Lang LaSalle's Americas Research Managing Director.
"We have reasonable confidence that some, or all, of the fiscal cliff may be averted, but the Euro crisis may get worse before it gets better, and will continue to drag on global confidence and the U.S. economy into 2013."
A recession is unlikely in 2013, Jones Lang LaSalle's
researchers concluded, but businesses, lenders and investors are still waiting to see how legislators will deal with the fiscal cliff, which consists of tax cuts set to expire at the end of the year and federal spending decreases scheduled to begin in January.
Most aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, too, will be implemented starting in 2013.
"It takes time for policy action to translate into business activity," Breslau