The good news for the commercial real estate industry is no onehas any allusions any longer about how bad next year will be --dropping values, rising foreclosures, continuing transactiongridlock until values hit bottom, and refinancing nightmares forborrowers while lenders reconcile balance sheets figuring out theextent of losses from mindless loans underwritten in the 2005-2007period. And industry players also accept most development projectsnearing completion will be dead on arrival. In my cross countrytravels over the past month delivering the Emerging Trendsforecast, I've heard nary a peep about fundamentalsholding up to carry the day. You'd be surprised how manypros were in denial hanging on to that thread up until the Lehmanbankruptcy in September.
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