The new tax plan—which has officially passed the House and Senate—will likely prove to be a neutral for the commercial real estate market. That doesn't mean it is without benefits, according to Jeff Rinkov, president and CEO of Lee & Associates, who believes the corporate tax reduction will be a positive thing for the economy. We sat down with Rinkov exclusively to get his thoughts on the impacts of the new tax plan.

GlobeSt.com: What is the broad economic impact of the new tax plan?

Jeff Rinkov: The tax plan will hurt California and New York, because you will lose the ability to deduct taxes personally that you paid for states and municipalities. The overall concept of corporate tax reduction and the opportunity for large multi-national corporations to repatriate large chunks of capital is going to be very meaningful the flow of money in the economy. The economy is based on two things: demand and the speed at which money changes hands. We already have really strong demand and now you are going to add the catalyst of a larger capital base. We are in a corporate environment where people are looking for places to invest, and they see that the economy has reached stability. I think that you are going to see wage growth, which should offset some of the reductions from a percentage tax basis. Additionally, some of the investment that you will see should spur greater tax revenue.