''You have to look at other cycles, to understand where we'vegone over the last 18 years,'' Pavlakovich tells GlobeSt.com. "Tounderstand where you are today, you have to look at the past,present and future. Not only from a statistical standpoint, butfrom an environment and emotional perspective.''

He notes that in 1986, President Reagan froze Libyan assets;there was an accident at the nuclear reactor at Chernoboyl; thenational unemployment rate was 7.2% and Penn State won the collegefootball championship. In Denver, energy was still king, accountingfor 42% of Downtown's tenancy and 20% of the southeast suburbanoffice space. The S&Ls were giving money away, and their poorlending practicesresulted in them being taken over the government'sResolution Trust Corp.

Denver made international headlines when office space in the56-story Republic Plaza, the tallest building in Colorado, wasauctioned for $0.10 per sf.