"This is clearly one of the worst recessionary periods we're going to go through in an awful long time…I think it's more likely than not you're going to see more bankruptcies. And particularly so more in the retail side, because…I think that the retail industry is really undergoing some significant fundamental changes and just the dramatic decline in consumer spending--I don't think that's going to change on a dime to be more positive any time soon. And it's going to be a while before we start to see any meaningful economic improvement that would alleviate some of the bankruptcy pressures we're seeing right now."

"It's going to be a slow process and I think the first step is what we're in the midst of right now with the financial institutions getting healthier. Once you have the financial institutions healthy, then [the banks] can start making proper lending decisions based off healthy balance sheets."

"I'm not an economist, but I think we'll see a positive GDP growth in 2010 and that will be the start. And from a real estate perspective [our work] suggest[s] that the commercial real estate fundamentals, office and industrial, are not going to bottom until late 2010 early 2011."