"The next 12 months are a unique opportunity for commercial real estate," says Dennis Yeskey, a managing director and restructuring specialist in Alix Partners' real estate practice. "No doubt there will be more losses, write-downs, rent declines, and bank failures. On the other hand, we haven't built anything new other than condos. If you have cash and cost controls, can roll your debt, and have great management, this downturn is a once-in-a-lifetime investment opportunity."