Singh: Twenty-eighteen will be interesting to watch as rising interest rates and continued strong capital flows meet slowing, if not declining, transaction volume. Multifamily lending should continue to see decent volume, although in many markets, rents appear to be peaking while construction spending has yet to pull back. Office and industrial lending growth should be in line with the market, though muted since occupancy and rents will unlikely continue their upward progression. Warehouse and distribution properties will be standouts. Retail has and will continue to face tighter scrutiny as the industry resets to changing consumer preferences and lenders decide which bets to make.

GlobeSt.com: What are your views regarding the recently passed GOP tax plan and its impact on Southern California CRE?

Singh: It's too soon to tell what the full impact of the new tax bill will be. At first blush, it appears that commercial real estate owners will be pleased and see tangible benefits. Less well understood is how these tax changes will affect the companies, employees and renters, the drivers of real estate cash flow, as well as the economy overall, especially in states such as California with already high state taxes and housing costs.

GlobeSt.com: What else should our readers know about CRE financing as we near the end of this long recovery?

Singh: Hard to believe that the Great Recession began a decade ago. Post-recession values have mostly recovered, and in some cases spectacularly out-performed pre-recession levels. Generally, real estate markets feel robust, and activity levels, both equity and debt, should remain strong. However, end-of-cycle markers are appearing, which will lead to a more cautionary and selective investment environment. For lenders, slowing rent and valuation growth coupled with rising interest rates will constrain leverage and cause terms to tighten. For borrowers sitting on the sidelines, 2018 should still be an attractive time to lock in relatively low-rate long-term financing. For value-add or repositioning plays, locking in fixed rates early will be important especially since floating-rate indices have nearly doubled over the past year. Lenders offering fixed-rate bridge loans and term loans out to 20 years should see demand rise.