More than anything else, real estate is a knowledge business.You make a profit or endure a loss based on what you know--or don’tknow--about local market conditions, along with the national andglobal economic influences affecting it. To that end, Lee &Associates’ vice chairman Ed Indvik recently spoke to GlobeSt.comabout changing market conditions and what to expect for 2011. WhileIndvik is based in the firm’s Los Angeles office (Lee &Associates boasts a large California presence), the company alsoretains an office in Little Falls, NJ, which is headed up byco-founder, president and principal Rick Marchisio.

GlobeSt.com: How does commercial real estate compareto one year ago?

Indvik: There is certainly more stability onthe capital markets side. If you had to say on a relatively basisfrom the highs or lows, we’re closer to the lows than the highs interms of the availability of capital. But there is a lot of money.I break it down into several divisions. The first is theinstitutional money--these investors are looking for dependablecash flow/yields on high-caliber multifamily, retail, office andindustrial assets. If you have a well-located asset with gooddesign characteristics and you can point to a dependable revenuesource, then that will get scores of bidders. Not unlike 2005 to2007, you will be in a position of what we call last and final.You’ll go back to a small select group and say give us your bestoffer and then you inform the successful party.