SAN DIEGO—Many different macro events could have a profound impact on the commercial real estate market in the near term. In part 1 of a two-part story, GlobeSt.com spoke exclusively with Pathfinder Partners' senior managing director and co-founder Mitch Siegler about those events as he prepares to speak on a panel about the subject during the IMN Forum on Real Estate Opportunity and Private Fund Investing in Laguna Beach, CA, this week. In part 2, below, we discuss with Siegler how these events could impact CRE and how his firm takes these events into account in its business dealings.

GlobeSt.com: In what ways do you think commercial real estate will be impacted by the macro events we discussed earlier—and why?

Siegler: In many US cities—like New York, San Francisco and Seattle—one-person households comprise 35% to 40% of total households. That has positive implications for studio and one-bedroom apartments, and we'll likely see more micro-units (those below 300 square feet) in these cities. We'll see people bunking up—roommate situations—for two-bedroom units and continued strong demand for detached, single-family rental homes. It's clear that single-family rental homes aren't just a trade, they're a bona fide asset class. With interest rates projected to remain low for the foreseeable future, we'll see more apartment development, especially in cities that are supply constrained and in markets with limited land or other barriers to entry. Meanwhile, homebuyers are opting for smaller homes—perhaps the same number of bedrooms and bathrooms, but in a smaller footprint. All of the above suggests lower US consumer spending on home furnishings and home décor, another big sector of the economy.