Key Takeaways:

- There will likely be distressed commercial real estate opportunities coming up, but it may not be as widespread or at "pennies on the dollar" prices as some headlines suggest due to the large amount of capital on the sidelines looking to invest.

- Distressed opportunities will be very market-specific, with some markets like San Francisco facing more issues than growth markets like Dallas, Nashville, etc.

- Finding distressed deals may involve working directly with banks on problematic assets they want to offload, or approaching distressed owners directly for off-market deals.

- When evaluating distressed deals, it's important to underwrite the fundamentals of the specific property and market to identify upside potential.