Commerical property is going to experience as bad or worse than the residential sector.  Intresting notes from some sources that I have seen. 

From April 09 until August 09 the amount of commercial loans placed into special servicing has doubled to $50 billion.  What is special servicing?  You don't want to know.  You don't want your loans there, and you don't want to do business with people who have there loans there.

"The lodging sector experienced the largest jump from 6.72 percent last month to 8.67, over ten times the delinquency rate at the end of October last year." "Five states now have an overall CMBS delinquency rate of over 10 percent (NC, MT, MI, AZ and FL). Among the largest MSAs for delinquencies are: Tallahassee (27%), Fort Myers (23%), Tucson (18%), Las Vegas (16%), Detroit (12%) and Riverside (11%).  Source: Trepp LLC

This is data that supports my viewpoint.  It's a bad time to invest in commercial property.  I think there will be tons of great deals in the future.  Some deals I see now look like great deals, I put those definately under 10%.  I believe the best move is to wait and accumulate capital.