Duncan said although the nation has been strapped with a housing downturn of late, the economy has been going gangbusters. He predicted GDP to follow a robust 3% growth pattern for the year. "The availability of capital is a global phenomenon holding long term rates down," he said."

Employment will also be a key indicator to watch in the coming months. Duncan said employment has been "the nexus between residential and commercial" activity. Just as the residential sector has slowed, the commercial sector has sucked up any vacuum in activity. And unemployment numbers have stayed very strong, holding at 4.6% for everyone, while "unemployment numbers for people with a four-year education is at less than 2%," Duncan said.

Quinn pointed to other factors impacting the industry. "Delinquencies are at an all time low," he said. Quinn added that the products are getting more complex and the current cycle has "gone on for 14-15 years. It's usually a seven-year cycle." Lenders are using more discipline and the deals being spread out to multiple levels on the lending side have kept the cycle going and helped keep the risk vs. reward problem under control.

One aspect of the industry that must be kept in check moving forward is the issue of insurance. "It is critical to the commercial and multifamily finance markets that TRIA be extended, a public-private partnership remains necessary to assure that terrorism insurance is available and affordable," Quinn said.

MBA officials are concerned that Congress and the Administration believe "the extension of TRIA past 2007 is not necessary." The organization also objects to the proposed budget, which proposes an increase in insurance premiums for several multifamily programs. The higher premiums will "increase rents on low- and moderate-income families merely to generate revenue for other activities in the federal budget," according to an MBA report.

MBA's Commercial Real Estate Finance / Multifamily Housing Convention & Expo is being held Feb. 4-7 at the Manchester Grand Hyatt San Diego. According to Quinn, more than 5,000 people will attend the conference.

Among those is former president, George H.W. Bush, who kicked off the event with a keynote address. Bush steered clear of political commentary, favoring instead fly fishing anecdotes and details of an upcoming skydiving adventure at the age of 85. "You're never too old to try new things," Bush said.