no NEW real estate loans will be made for at least two years. lenders will only extend the maturity of their existing loans, asking for some principal reduction in return. but the truth is they'll do the extension even w/o the reduction. these will be advertised as "new" loans but that is a big lie.
no NEW leases will be signed. existing tenants will renew and they will likely request a reduction in space and a rent. some healthy tenants may take the opportunity to upgrade to nicer space in maybe 12 months. that'll probably start happening before the lenders make real new loans.
not so good for CBG but stock already at $4. hopefully, the brokers saved at least half their commissions from the 2005-2007 period. then they can survive the next two years easily. they needed 2003-2004 to "payback" the lost wages from 2001-2002 when very few deals were done.