Representatives from various commercial real estate and community organizations and associations met on Thursday, brought together by the National Association of Realtors, to work together to provide policymakers with a package of principles and policy priorities to help their efforts in addressing the current CRE credit market crisis. Bob Toothaker, chair of NAR's Realtor Commercial Alliance and host of the meeting, said, "We face a liquidity crisis, the likes of which most of us have not seen in our lifetime. There is not one silver bullet to fix the huge problem, but we believe there are key steps that can be and should be taken to ensure the continued health and vitality of the commercial real estate industry."
NAR believes the success of programs and initiatives aimed at restoring liquidity and stability to the markets is intrinsically tied to and must work in conjunction with supportive federal tax policies and accounting principles that support commercial real estate lending. According to NAR Chief Economist Lawrence Yun commercial real estate is the hardest hit industry outside of the auto industry. "A recovery in commercial real estate always lags a general economic recovery, but with the right policy prescriptions we can recover more quickly," said Yun. Organizations involved in the meeting included the Building Owners and Managers Association, CB Richard Ellis, CCIM Institute, Coldwell Banker Commercial, Colliers International, Commercial Mortgage Securities Association, Grubb & Ellis, Institute of Real Estate Management, International Council of Shopping Centers, Mortgage Bankers Association, NAI Global, NAIOP, TCN Worldwide, The Real Estate Roundtable, and Transwestern.
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