The commercial real estate outlook is cautious but decidedly upbeat despite recent busts in the housing market, says a recent article by the Associated Press.

Commercial property sales hit $401 billion through the end of October due to strong growth in the office and retail segments. This topped last year's $359 billion total, according to Real Capital Analytics, a real-estate research firm based in New York.

According to the Commerce Department Construction last month, spending on office buildings, shopping centers, and other private, nonresidential projects leaped 15.2 percent in August.

Though analysts say there are some signs of slowing growth, it is nothing compared to the residential real estate market plagued by foreclosures and mortgage defaults mainly due to risky subprime mortgages.

The commercial market has not seen the problems the residential mortgage mess has caused, mostly due to the fact that buyers and sellers are more refined, have more financial flexibility, and have the resources to endure the credit-market mayhem. However, that doesn't imply the market would go unaffected if economic growth stalls.

"As home prices continue to fall, people feel poor and spend less and that puts pressure on the profits that fuel corporate spending," says William Wheaton, research director at MIT's Center for Real Estate. Wheaton asserts that there is a 50% risk of a mild recession in the U.S. within the next six months.

Data rates due to be released soon will most likely show that September was one of the slowest months in several years for each area of commercial real estate.

However, if the broader economy falters, the commercial real estate market will be susceptible to what Wheaton calls "credit-risk contagion".

The credit crunch has already caused some sellers to ask for more upfront capital when mortgage-backed financing is used. However, the markets in New York, Washington, and San Francisco have remained notably stable, according to Real Capital Analytics.

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