The nation's commercial real estate troubles look like a manageable problem to Morgan Stanley.

A team of six analysts at the firm said Thursday that commercial real estate as a whole is "only a moderate headwind for the economy," and that property values bottomed in mid-2009. They further predicted that the U.S. is headed for a "multistaged" and "gradual" recovery, with values remaining stable this year. The positives, as Morgan Stanley sees them, are building into an attractive distressed-investment environment.

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