This Week's Election Has a Big Impact on theIndustry:

However you may have voted in last week's presidentialelection, which drew record-breaking turnouts to many pollingplaces around the US, there's little doubt that the outcome wasmomentous. That seems to be the case especially when it comes tocommercial real estate; asked whether the election would have a bigimpact on the industry, 74% of you voted yes. Exactly what formthat impact will take is open to interpretation at this point andremains to be seen in any case—although many in the industrybelieve it's likely that Barack Obama will seek to increase thecapital gains tax. We asked Michael Slattery, SVP at the RealEstate Board of New York, for his take on what we can expect fromthe new administration and Congress.

"I'm hopeful that the effects will be positive. The change willbe beneficial compared to the uncertainty prior to the election.The key thing for the real estate market will be the availabilityof credit, and it does from the early press events that thepresident-elect recognizes that and has made it a priority. Thatshould be one reassuring element. He is still not in a position todo anything, unless he does it on the Senate side. It's not likelyto be focused on the real estate industry, more likely a stimuluspackage for the economy as a whole.