When the U.S. economy went through a recession during the late
1980s and early 1990s, commercial real estate hit the pits. An
explosion of construction during the property boom of the 1980s
gave way to high vacancy rates, pitifully low rents and poor
demand for office and industrial space. Back then, the downturn
was so severe that it took years for real estate to return to
normal.  How times change. Today, a decade or so later, although
the U.S. economy again stands at the brink of a recession -
some, in fact, believe that it has already arrived - real estate
is in a stronger position than it has ever been. Gluts of vacant
office, industrial and retail space - a visible symptom of past
downturns - have failed to appear. Rents are still high -
especially in upscale buildings. And while the stocks of real
estate investment trusts (REITs) haven' t performed
spectacularly, they look like bedrocks of strength vis-à -vis
sectors such as technology, which were star performers during
most of the 1990s but are now do