What impact will the results of the European bank stress tests have on the debt financing markets for U.S. commercial real estate?

• The positive results have calmed the global financial markets, a positive for U.S. commercial real estate.

• The stress tests of European banks were more show than substance, much like a Potemkin village.

• Wall Street has reacted favorably to the results, but the effect on Main Street will be insignificant.

• Only substantial job growth will help the U.S. commercial real estate industry emerge from its malaise.

• It’s unclear to what extent the stress tests will have on the U.S. commercial real estate market.