Lisa Sarajian, managing director, Structured Finance, Standard & Poor's Rating Services, added she is cautious on the demand side of the office and multifamily sectors. At the same time, she expects this to be a good year for retail and self-storage, with industrial and healthcare remaining stable.

However, Mark Streeter, senior analyst, North American Credit Research, JP Morgan Securities, explained he was "a little more bullish" on the prospect of the office sector with job growth expected in the next year or two. "It will be interesting to see if all the doomsayers are right with the office sector," he added. Also, interesting to see, he said, is what happens with inflation in the next three to five years. "I would say the biggest surprise will be low inflation," Streeter said. "I don't think it will rear its ugly head like people think it will."

Also in the next few years Schalop expects the multifamily sector to continue to face challenges--a prediction that did not make moderator Bryce Blair, chairman, president and CEO of AvalonBay Communities, happy. Schalop pointed out that continued wealth and attractive mortgage rates will help sustain the rise in homeownership which will add to those multifamily challenges.