It's been an interesting year,no?

Thompson: I love 2008. It's been interesting andwill be more so. Even though the stock market is reflecting somebuoyancy and earnings aren't as bad as everyone thought, we stillhave a ways to go in the debt market to de-leverage some of thesignificant run-up in values. So there's a shortage of commercialdebt right now, and it will be interesting to see what kind ofbumps in the road occur when a significant amount of commercialdebt has to be refinanced, particularly throughout '09. There willbe shortfall in the ability to refinance, and that gap is where theopportunity is for people with cash and expertise.

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.