The U.S. Presidential election result marks a significant shift in the “status quo” with the unexpected win of Donald Trump. As compared to the UK vote to leave the European Union in June, the surprise U.S. election vote is likely to be viewed as having far more significant global repercussions. As a result, most of the attention in the next few weeks will be focused on the likely volatility in financial markets. However, as we also learned from the UK “Brexit” vote, this volatility may provide little or no usable information about what happens next, particularly with regards to commercial real estate markets. While we will be mindful of this volatility when making near-term investment decisions, we are mostly focused on the longer-term impacts of the likely policy shifts under a Trump administration.