One thing I noticed -- all of the 'retail', and even industrial outfits in Canada that formerly had significant real estate holdings -- have been spending the past decade selling them off, and renting instead. Whether it be office towers, downtown department stores, etc. All that real estate used to be owned. For a while there, entire operating companies were valued just based on the value of their real estate. All across America, many 'businesses' have subsisted on commercial RE 'profits'. For instance, nail salons -- nail salons, themselves, are marginally economic businesses. But use a 'nail salon' to secure a loan to buy a commercial RE building, and voila, magically the 'business' becomes profitable, because of RE 'appreciation'. So the crash of commercial real estate should be a good thing; small business owners who have rented, have had, for the past few decades, the life squeezed out of them making absolutely humungous payments to landlords. Just like the crash of residential real estate is a good thing for working people, and people who want to rent or buy in the future -- the crash of commercial real estate is excellent for businesses that want to grow.
You are correct There is a glut of commercial space and still rental rates are close to what they were at the peaks. Result of Halfwit speculators funded by half witted bankers both looking to get rich quick. I fully expect Obama the black republican to come up with a cushion to save these halfwits. A $1000.00 campaign donation to the right charlatan in congress can work wonders. It's an all-out war against the middle class by the unamerican filthy garbage who run around wearing flag lapel and their supporters waving illiterate signs. You'll have to belong to the illiterate, ill-educated, religious bigot class or the charlatan class to make it in the "new economy". The terrorists are not in Afghanistan. They're right here living next to you.