WASHINGTON, DC-To hear the political pundits tell it, the nationalmost doesn’t have to go to the polls today, at least as faras the House of Representatives is concerned. That, without adoubt, will be shifting to Republican rule--the only question beingby how wide of a margin. The Senate is less set in stone, with acautious consensus believing it will very narrowly stay underDemocrat control.

Even if it does, though, the practical effect is still the same:political gridlock for the next two years. Even if Republicans canpass thelegislation they are seeking, President Barack Obamawill veto the laws he finds most offensive.

Still, for the commercial real estate space it is a mistake todismiss the political factor until the next presidential election.There is much that the Republicans--as well as theadministration--can do outside a straightforward piece oflegislation, starting with the lame duck session of Congress.