In 2007, developers excavated a deep hole  in downtown Seattle for a luxury hotel and condo tower. In 2009, they filled the hole because office and industrial vacancy rates have soared.

Developer A - "I think we have just seen the tip of the iceberg to what's coming."

Expert - Commercial real estate won't recover until the rest of the economy does - we need jobs to get this thing moving.

Expert - Commercial Real Estate won't return until 2014.