''You have to look at other cycles, to understand where we've gone over the last 18 years,'' Pavlakovich tells GlobeSt.com. "To understand where you are today, you have to look at the past, present and future. Not only from a statistical standpoint, but from 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; the national unemployment rate was 7.2% and Penn State won the college football championship. In Denver, energy was still king, accounting for 42% of Downtown's tenancy and 20% of the southeast suburban office space. The S&Ls were giving money away, and their poor lending practicesresulted in them being taken over the government's Resolution Trust Corp.

Denver made international headlines when office space in the 56-story Republic Plaza, the tallest building in Colorado, was auctioned for $0.10 per sf.