"We as an industry have seen a major reduction in activity due to a decline in the economy," Speyer said. "But we're not changing our strategy because we believe that uncertainty breeds opportunity. Buccaneers of the real estate industry always look for ways to create value in unique situations.

"This opportunity won't be like the early 1990s with the RTC selling paper at huge discounts. We're not suffering from oversupply because the high barrier to borrowing in the 1990s was great and we hope it continues because it's the best traffic cop we could have," Speyer said. "Real estate is fundamentally stable and there will be much less effect on ownership because it is much better positioned to deal with it."

The Sept 11 attacks on the World Trade Center dealt a devastating blow to the people of New York, but Speyer said the commercial real estate market has absorbed the shock. "New York has faced the loss of 15 million sf of Class A space Downtown, which was 10% of the Downtown space and 4% of the space in Manhattan. The immediate impact is a shot of adrenaline, and I suspect all of the Class A space in Manhattan will be leased by the end of the year."