MIAMI-Although paralysis by analysis is not completely out of the 2013 picture, the sentiment of certainty is more common. As Ray Cirz, CEO and chairman at Miami-based Integra Realty Resources, sees it, commercial real estate players may not like all the factors but the dust is more settled than last year.

“We know the political environment, at least for the next couple years. We know taxes are going up and we see slow but gradual improvement in employment and low interest rates,” Cirz says. “Return expectations have also moderated. This has created an environment where investors are willing to commit to real estate overall.”

Cohen is looking for bumps in the road, but says Kimco is cautiously optimistic about what 2013 brings. He points to improving capital markets, recovering (and even increasing) housing prices, declining foreclosure rates, and improved bank balance sheets. “There is a significant build up in deposits at the major banks and a thirst for yield,” he says. “The real estate sector provides pretty good yield, especially when you look at it relative to where a 10-year Treasury is at 2%. If you're buying high-quality assets at 6%, that spread is pretty favorable.”