So far this year, REITs made 45 public offerings totaling $14 billion, according to NAREIT. Though that number doesn't cover the $40 billion in REIT debt due this year (not to mention the $80 billion due in 2010 and 2011), it's a more promising fate than non-public firms, which are dealing with banks that won't lend and private-equity funds that aren't spending.

"The commercial real estate industry has a huge mess to deal with," said Mike Kirby, chairman and director of research at Green Street Advisors, speaking during a morning session on REITs and investing. "The only source of capital that can fill a void like that is the public market."

That being said, there is still a lot of uncertainty about when and how a recovery will take place. Panelists weren't exactly hopeful when discussing the Fed's plan to expand the Term Asset-Backed Securities Loan Facility (TALF) to CMBS loans. "We can't run our businesses depending on TALF," remarked Michael Fascitelli, president and chief executive officer of Vornado Realty Trust.