Commercial Real Estate Recovery Priorities Set at NAR Meeting

Representatives from various commercial real estate and community organizations and associations agreed to work together in providing policymakers with a package of principles and policy priorities to guide them in their efforts to address the current crisis in commercial real estate credit markets. The meeting was hosted by Bob Toothaker, chair of NAR’s Realtor Commercial Alliance.

“The commercial real estate market represents a significant element of the nation’s economic infrastructure,” noted Charles McMillan, NAR president and a broker with Coldwell Banker. “Yet, over the last year, the broader financial crisis has severely curtailed commercial real estate lending activity and brought securitization markets to a halt. Providing liquidity and facilitating lending is essential to restoring confidence and stability to the industry as a whole,” he stressed.

“Neighborhoods are built around businesses, large retail centers, office buildings, and small family run shops,” he continued. “The health and vitality of commercial real estate supports a strong housing market, which, in turn, plays a key role in the national economy.”

Toothaker said that the NAR, large brokers, and allied commercial real estate partners “stand ready to work with Congress, regulators, and the administration to confront this crisis.” He emphasized the importance of a holistic approach and applauded efforts, such as the expansion of the Term Asset-Backed Securities Loan Facility program and the new issue of Commercial Mortgage Back Securities, as well as the creation of the Public Private Investment Program to promote new lending.

Among the organizations involved is this effort are: Building Managers and Owners Association, CB Richard Ellis, CCIM Institute, Coldwell Banker Commercial, Colliers International, Grubb & Ellis, IREM, International Council of Shopping Centers, NAI Global, and the Society of Industrial and Office Realtors, among others.