Key Takeaways:

- Commercial real estate may have hit a cyclical bottom based on signals from large firms like Blackstone that prices have dropped 15-25% from peaks
- It's a good time to buy real estate if you can get a good basis and hold for the long term of 7-10 years
- Investors need to focus on deals with strong historical cash flows and low-risk assumptions
- Leverage will be lower around 55-60% so investors need patient capital willing to hold for the long term
- Debt strategies are becoming more popular for large funds as an alternative to equity