CBRE Group released research findings on Tuesday that showed Hong Kong continued to keep its top spot as the world's most expensive global retail market, recording prime rents nearly 150% higher than New York City.

CBRE Group reported that, despite sluggish economic growth, the U.S. commercial real estate market remained on a recovery path in fourth quarter 2012.

A report released by CBRE Group found that Hong Kong and New York City rank number one and two as the world’s most expensive prime retail markets.

CBRE Group announced that Robert E. Sulentic assumed the position of president and CEO, effective Dec. 1.

CBRE Group said it has appointed Blake R. Hastings as managing director of its Minneapolis office, effective January 1, 2013.

CBRE Group said that the U.S. commercial real estate market continued to show moderate improvement across all property sectors in third quarter 2012.

CBRE Group announced the launch of the Real Green Research Challenge, a four-year, $1 million commitment to fund leading-edge sustainability research and innovation relating to commercial real estate.

CBRE Group announced that Mike Gerard has been named president of the company’s U.S. Central Division, a geographic region with more than 25 offices in nine states.

Hong Kong is the world’s most expensive retail destination, with retail rents at $3,864 per square foot, according to the quarterly rankings of global retail rents from global property advisor CBRE Group.