WASHINGTON, DC-There are so many ramifications for the failure of Congress to reach agreement on a debt deal it is difficult to know where to begin. Continued gridlock and political animosity is a given for another year, leading up to the presidential election. Ditto a lack of leadership from Congress on the country’s economic problems. Many key tax issues will be left hanging, such as the payroll tax break that President Barack Obama had wanted to see extended for at least another year. Without an agreement from Congress, that is poised to expire at year’s end.

All of this matters a great deal for the commercial real estate industry. If there is one thing the industry detests it is uncertainty, says Dennis Russo, co-chair of the commercial real estate practice at Herrick, Feinstein.

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“Good news--and to an even greater extent, certainty--is what drives the commercial real estate lending, development, sales-investment and leasing markets,” Russo tells GlobeSt.com. “The issues of whether the Bush-era tax cuts are good for the economy and good for real estate are subjective and open to question and debate. But the failure of the so-called super committee to reach a consensus is objectively bad for the economy and the various commercial real estate markets.”