The revised tax rules impact commercial real estate in a variety of ways, although there are few substantive changes to 1031 tax-deferred exchanges, and the business interest deductibility or depreciation rules are widely considered positive by investors. Changes to carried interest, pass-through income, corporate tax rates and individual tax rates could cause investors to re-evaluate business structures and holdings. Changes to tax rules and deductions could impact demand for apartments, student housing and healthcare real estate specifically, according to Marcus & Millichap’s latest report.—Lisa Brown