CMBS 2.0   :  By Jim Flaherty, President & CEO of CMBS.com

Well, I was re-elected to another two-year term to serve on the board of governors of the Commercial Mortgage Industry Standards Maintenance Organization (C-MISMO), on which I have served since 2008.

What’s new this year: I was elected chairman of the board, succeeding Jim Cooke who held that position admirably. As I look forward to two upcoming conferences, I am excited to get C-MISMO moving on existing and new standards.

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For years I have been talking and blogging about the importance of transparency, standardization and XML in the CRE market. Well, I decided it was time to be more proactive in making these concepts a reality by creating inexpensive tools for small CRE operations and providing free tools for everyone who wants to experience the benefits of transparency.

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I just got back from San Diego where I attended the MBA CREF/Multifamily Housing Convention & Expo along with about 2,600 other people. The mood was as optimistic as I have seen since the crash. Brokers have deals that need financing, and lenders have money to lend at historically low rates. With these perfect conditions, if you have a good deal, it is a great time to be a borrower.

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CREFC is cautious but upbeat, the IRP Committee wants to skip IRP 6, and the Regulatory Committee is moving toward smart compromise.

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The good times are back in the CMBS market with the fall deals pricing well and being over-subscribed. Spreads are so tight that top quality assets are getting rates of less than 4% and almost everyone is predicting growth going forward. The 2012 year-end volume is predicted to be about $40-45 billion and some people have predicted $60 billion next year. Of course everyone knows that macro events can change the market dynamic very quickly, but at least for now the industry is feeling very positive.

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