Now that we are several years past the credit crisis of 2008, the world is still in turmoil. The European debt crisis and unrest in the Middle East — these global circumstances set the tenor for U.S. economic concerns. Gross domestic product grew 2.0 percent in 3Q11, but the federal debt grew to $15 trillion in 4Q11. Unemployment remains at 9.0 percent, home prices are still declining, and although the nation has dealt with many of its financial issues, the political climate is the worst we have seen in recent history as attested by Standard & Poor’s downgrading of U.S. credit to AA+.

Not surprisingly, businesses and consumers lack confidence, market volatility has increased, and investors are tentative. It seems the only certainty is that uncertainty will prevail throughout 2012, at least until the fall elections. The year 2012 will serve as a foundation for new business growth, more deals, and getting our ducks in a row for what is to come. Then we can finally turn the page to 2013, when it’s time for commercial real estate to come clean.

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