Recovery for the commercial real estate market is at least three to five years in the future, according to a survey done by Arthur Andersen and National Real Estate Investor magazine.

More than two-thirds of 1,700 real estate executives surveyed indicate that the real estate industry is undergoing a fundamental change rather than the end of a "boom-and-bust" cycle.

Seventy-five percent of the respondents say that they will make no loans during 1992 to hotel and resort developments.

For the second year, apartments are regarded as the most attractive development prospect, while downtown office buildings are viewed as the worst, the survey notes.

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