By Edward K. Elanjian

Turn on CNBC and chances are you’ll find at least one expert predicting when the real estate market will finally hit bottom.

The much-publicized Pulte/Centex merger, for instance, has sparked a recent wave of industry speculation that the homebuilding market (among the first to be hit by the recession) may finally be bottoming out.

In the midst of all the industry chatter, the question still remains: Is there an X-factor that will bring the economy back online? And if so, how will the commercial real estate market play into the recovery?

Until recently, news reports on how the subprime mortgage and residential housing crisis have spread throughout the commercial sector have been few and far between. However, as more and more major commercial real estate companies file for bankruptcy (e.g., the now-defunct mall development behemoth General Growth), we are beginning to see just how deep the housing crisis has spread.

Fueled by overbuilding and lax consumer credit, the residential market does not translate well to the commercial sector. Unlike residential, the success of the commercial sector is entirely dependent on jobs. Putting more Americans back to work will stimulate retail spending, fill empty office spaces and increase tax revenues to fund institutional construction projects.

With various economic prognosticators predicting an upturn in late 2009 or in 2010, it may be time to begin positioning for recovery – especially for the brownfield developer.

Brownfield investors have to think one or two additional years ahead of greenfield developers to allow time for predevelopment remediation of a brownfield property. Beginning a brownfield project today – knowing that you may not go vertical until 2012 or later – may serve as a huge benefit to developers and investors looking to buy while the market is soft. The recipe for success in brownfield development is to think long-term profit by forecasting ahead and buying early.

Donald Trump, in his new book “Think like a Champion” says now is the time for entrepreneurs to buy. Interesting advice from man who’s most famous line is “You’re Fired!” but he may be right!