[Excerpt] As the commercial real estate (CRE) industry embarks on a new year and hopes to put the pain of 2009 behind it, industry players should keep in mind that much of the wreckage left in the wake of the world financial crisis remains unresolved and billions of dollars in looming CRE loan maturities further cloud the outlook. By the end of Q1 2010, nearly $222 billion worth of CRE was distressed, of which $27 billion had been resolved. At the beginning of 2009, many predicted that a flood of distressed assets would be coming to market and hundreds of billions of dollars were raised to target the supposedly imminent opportunities. However, most of these investors have found the inventory of distressed opportunities wanting. If all of these properties are still in trouble and investors are aching to deploy their capital, why aren’t more deals getting done? Will 2010 be the year when the levees break? This report seeks to answer both of these questions.