Michael Murphy: Where are we now, where are we headed and where are the opportunities?

Very limited construction of new commercial real estate over the past few years has essentially fixed the supply of available space, meaning vacancy rates could fall quickly from any increase in demand for commercial space. There has been an increase of liquidity in CMBS, which is helping to open the commercial market to more property transactions; commercial real estate sales had been stalled over the past few years with excessively tight credit conditions. In terms of development acquisitions, it remains a buyer's market for those with cash or who can obtain credit financing. My overall outlook for 2011 is optimistic, however local government plays a vital role in the development of Long Island! Michael Murphy is the executive vice president at Prudential Douglas Elliman RE Commercial Services.