DALLAS, TEXAS–The commercial real estate environment is sostrong, not only for Texas, but the rest of the nation, thatobservers can't help but wonder, what don't see that we should beworried about? In other words, there is nothing obviously alarmingon the horizon, so only an event now lurking in the shadows couldbring the industry down. That question — what lies in the shadows?— was on the minds of panelists at RealShareDallas, held earlier this week.

There were a handful of possibilities tossed about includingrising energy costs and a prolonged tariff war — which for a statelike Texas would be a serious and sobering affair — but one inparticular grabbed our attention. During the capital markets paneldiscussion, which was moderated by Steve Pumper,executive managing partner of Transwestern, the question of FannieMae and Freddie Mac came up.