NEW YORK CITY-When Dennis Yeskey, founder and managing director of Yeskey Real Estate Consulting & Investment, made a list of commercial real estate predictions for 2011, he gave himself an ‘A’ in most categories. Except for one. “Government action,” he said. “I was dead wrong.”
That’s why, this year, he advised the city’s best and brightest female CRE leaders at NYCREW’s “Global Trends in the 2012 Real Estate Capital Markets” event on Wednesday evening to watch out for Dodd-Frank legislation and new industry regulations that could effect commercial real estate.
“We’re looking at a Presidential year and a backlog of regulations, so if you’re a bank, now you’re going to be subject to them,” he said.
After being blindsided by the debt ceiling debacle and the S&P sovereign credit downgrade, Yeskey—like many in the CRE industry—had greater expectations for the second-half. “We thought lots of things would happen in 2011 and there would be a lot more action,” he said. “We thought there would be clarity in the market and it would help the financial market and build investor confidence. But we were dead wrong.”