ReFla asked members of its editorial advisory board what issuesthey thought are having the biggest impact on commercial realestate now. This is the second of three thought-provokingresponses.

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Oddly enough, I think the biggest impact on commercial realestate will be what happens with residential real estate.Typically, commercial lags residential in both rising and decliningmarkets.

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We have been lucky that the commercial market has held up fairlywell so far, but dark clouds are forming due to the problems in thecapital markets. Nevertheless, if the residential market can startmaking a comeback sooner rather than later, the commercial marketmay do better than what history would predict.

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Edgar Jones is vice president of RockefellerGroup Development Corp.

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