Atlanta Federal Reserve President Dennis Lockhart says commercial real estate's slump will last as long as job creation limps along. But he doesn't see the sector causing another downturn, though its struggles will affect small-business lending.

Unlike residential real estate, there is not the same direct linkage from CRE to household wealth - and therefore consumption - caused by erosion of home equity. However, there could be an impact resulting from small banks’ impaired ability to support the small business sector - a sector I expect will be critically important to job creation.