I currently have my own consulting practice in the networking business
but am looking to change my career (for many reasons). I am seriously
thinking about getting into commercial real estate as a broker but I
have some concerns that I can't seem to find answers to. Firstly, what
happens to the commercial real estate business and more importantly to
me, what happens to the income potential of a broker when interest
rates start to climb, as they are bound to do? Secondly, if the
residential real estate market/bubble that exists in California bursts
as it did in the late 80's/early 90's, what kind of effect will that
have on me as a commercial real estate broker? Thirdly, how should I
go about interviewing and finally choosing the commercial real estate
firm in town I want to work for? What separates one from another?
Lastly, what is the most financially rewarding area in the field of
commercial real estate? Leasing? Sales? Apartments? Businesses?  I
live in and hope to continue living in Santa Barbara, CA so the
financial side is pretty critical as the cost of living here is
ridiculous! I am a very energetic and positive person with a penchant
for adventure and travel so a desk job is out of the question for me.
I need to be out and about town meeting people and doing things or
I?ll go nuts! Thanks in advance for your help with this.

First you need to have intimate knowledge of the area in which you
will be a broker.  What are the vacancy rates, where is the demand
(this will help you decide where to specialize), what type of business
industry exists, zoning laws, market rates.  If you dont sell
properties or sign leases you wont eat.  The "housing bubble" that
everyone talks about, may or may not happen.  If anyone knew this for
sure, they would be fabulously wealthy.  A housing bubble may or may
not effect commercial property lease rates or sales.  It depends on
the area and the demand for commercial space (we are talking apples
and oranges here).  Assuming borrowers are fincaning homes at the very
most they can afford right now, each 1% increase in interest rates
could mean a 10% price correction.  Mortgage rates are tied to the 10
year Treasury note.  Commercial financing is a little more complex. 
As long as inflationary pressures remain at bay there is no reason why
interet rates should rise.  Commercial bankers and Real estate
attorneys can be a great source of information, they know markets,
buyers, sellers, and tenants.  Commercial properties can run into the
10s of Millions of $$, and leases can be hundreds of pages.  This is
not a field to go into after sitting through a weekend seminar on how
to get rich...It is a lot of work.  Dont know if that helps but good
luck.