Here is a great picture of the state of the commercial real estate markets in the US. It shows the Moody's commercial real estate price index and the delinquency rates on commercial mortgages.
In addition, sales of commercial properties have dropped off the cliff as financing disappeared (less than 5% of the volume for the same time in 07). But here comes China to the rescue with the CIC sovereign wealth fund. It's not going to help existing property owners and lenders, but it may create a market for distressed commercial real estate properties.
WSJ: ...in order to achieve any meaningful diversification in its portfolio, the fund would need to set aside between $4 billion and $10 billion to global property investments in the next year and a half, estimates Michael McCormack, an executive director at Z-Ben Advisors, a consulting firm in Shanghai. By 2014, he projects that CIC's U.S. property investments alone could amount to more than $20 billion.