That is what the head analyst at Deutsche Bank Securities is saying according to this Reuters story.
The question in my mind is this: How can the rest of the economy come back without a viable CRE market? Does this analysis take into account improvement in other sectors which could lead to more deals, or is this just an analysis based on current falling rents and a prediction that we will not get back to past levels for eight more years?
My personal opinion is that these predictions are a little too dire. Just as we were too optimistic at one point, one can get too pessimistic. Compare, for instance, this thought. That said, the 1990s were not exactly great years for some, were they? Nor am I an analyst, which could be a good or a bad thing depending on who you are and what you do.
(H/T to Jeff Vinzani for pointing this story out on Twitter.)