in commercial real estate. Cash inflows and outflows are the money that is put into, or received from, the property including the original purchase cost and sale revenue over the entire life of the investment. An example of this sort of investment is a real estate fund. Cash inflows include the following: Rent Operating expense recoveries Fees: Parking, vending, services, etc. Proceeds from sale Tax Benefits Depreciation Tax credits (e.g., historical) Cash outflows include: Initial investment (down payment) All operating expenses and taxes Debt service (mortgage payment) Capital expenses and tenant leasing costs Costs upon Sale The timing of cash inflows and outflows is important to know in order to project periods of positive and negative cash flows. Risk is dependent on market conditions, current tenants, and the likelihood that they will renew their leases year-over-year. It is important to be able to predict the probability that the cash inflows and outflows will be in the amounts predicted, what is the probability that the timing of them will be as predicted, and what the probability is that there may be unexpected cash flows, and in what amounts they might occur. The total value of commercial property in the United States was approximately $6 trillion in 2018. The relative strength of the market is measured by the US Commercial Real Estate Index which is composed of eight economic drivers and is calculated weekly, According to Real Capital Analytics, a New York real estate research firm, more than $160 billion of commercial properties in the United States are now in default, foreclosure, or bankruptcy. In Europe, approximately half of the €960 billion of debt backed by European commercial real estate is expected to require refinancing in the next three years, according to PropertyMall, a UK‑based commercial property news provider PropertyMall. Additionally, the economic conditions surrounding future interest rate hikes; which could put renewed pressure on valuations, complicate loan refinancing, and impede debt servicing could cause major dislocation in commercial real estate markets. However, the contribution to Europe's economy in 2012 can be estimated at €285 billion according to EPRA and INREV, not to mention social benefits of an efficient real estate sector. It is estimated that commercial property is responsible for securing around 4 million jobs across Europe. Commercial property transaction process (deal management) Typically, a broker will market a property on behalf of the seller. Brokers representing buyers or buyers' representatives