European commercial real estate investment markets saw a slight but continuing recovery during 2009 after one of the worst investment downturns in history. Investor confidence has improved from the historic lows at the beginning of 2009 and most economies have returned again to cautious growth. In the second quarter investment volumes in commercial real estate in Europe started to rise again from around € 11.5 to € 13 billion from the first to the second quarter, a 12.5% increase. The momentum was sustained in the third quarter, when an investment volume of around € 17.5 billion was reached - a 35% increase - and continued into the fourth quarter, when the volume of investments reached € 26 billion. Even though the total investment volume of 2009 reached nearly € 70 billion and indicates improving investor sentiment, full year volumes were still more than 40% down from a year earlier level, reaching the lowest level since 2001.