Business Week reports commercial real estate has been strangely impervious to the housing crash, but its luck is about to run out. Economists and industry analysts say the recession and credit crunch pretty much ensure a bad year for commercial real estate in 2009, and at best a tepid recovery in 2010. Any doubt about insiders' gloominess was erased on Oct. 21, when the Urban Land Institute and PricewaterhouseCoopers issued the 30th annual Emerging Trends report, which is based on surveys or interviews with more than 700 investors, developers, lenders, and other experts. The report predicts that returns for private equity investors are likely to be negative in 2009 for the first time since the sector's severe downturn in 1991-92. In 2010, the experts interviewed for the study predict "a slow recovery, hampered by risk aversion, constricted financing sources, and a weakened economy."