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ReFla asked members of its editorial advisory board what issues they thought are having the biggest impact on commercial real estate now. This is the second of three thought-provoking responses.

Oddly enough, I think the biggest impact on commercial real estate will be what happens with residential real estate. Typically, commercial lags residential in both rising and declining markets.

We have been lucky that the commercial market has held up fairly well so far, but dark clouds are forming due to the problems in the capital markets. Nevertheless, if the residential market can start making a comeback sooner rather than later, the commercial market may do better than what history would predict.

Edgar Jones is vice president of Rockefeller Group Development Corp.

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