Bytme, please refer to seals' post further up the thread. Apparently prices did not drop as much as you have said. I am sure that some properties sold for less than people paid for them just as I am sure some people have paid way too much for some properties today.
The question is do you want to base your investment strategy on isolated cases?
xerxes_ph, the Japan story is an interesting one which I think deserves greater examination. I have heard it before but I have also heard that people are confusing commercial property with residential property in Japan. I honestly don't know but I think I need more time to investigate it.
I agree with Baron that rents have a long way to go yet and with vacancy rates at less than 1% now I think we will all be surprised how much rents will rise.
