For people searching the horizon for signs of normalcy returning to the real estate capital markets, this summer was an interesting period. Yes, the economy threw off disconcerting signs of a slowing recovery with its stalling employment figures. But that same period also delivered sizable CMBS issuances to the market: JPMorgan Chase’s sale of a $716.3-million bond backed by commercial mortgages and Goldman Sachs and Citigroup’s securitization of $788.5 million. JPMorgan has also been prepping for another deal, close to $1 billion, which will be the largest such transaction in two years.

But while these transactions augur well for the real estate capital market, they do not necessarily provide guidance as to what it will exactly look like.

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