As commercial mortgage-backed securities players discussed the outlook for real estate fundamentals and their impact on the CMBS market at last month's Fabozzi conference, one of the themes that was consistently a source of hot debate was the potential impact of e-commerce and the Internet on retail properties within CMBS pools.

Whether investors choose to be concerned or ignore it, most agreed that in the long-term, the retail capabilities of the Internet could present a major challenge to the CMBS market, as electronically-driven sales continues to cut into the business of traditional retail outlets.

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