With the shock of the election tug of war and other scary things of the fall season now pretty much behind us, it is due time to reflect on what we can be thankful for concerning our region’s critical real estate economy.

The condition of the real estate market contributes mightily to an area’s overall economy in ways no other economic sector can match.

First, the obvious: We have a long-term robust real estate economy, the length and likes of which haven’t existed together since God invented dirt. Virtually every sector of the real estate market — commercial, industrial, investment and residential — is continuing to experience strong demand, given the expansion of the area’s overall economy and the prospects for the good times to continue.

The key to real estate’s continuing prosperity in the region is, of course, a prosperous downtown. As our central city area goes, so goes the county. Fortunately, many good things have taken place in the downtown area in recent months and even more important developments are ahead in the short-term future that will continue to ensure a vibrant regional economic core.

For one thing, the supply of Class A office space will soon begin to catch up with the vigorous demand for such space. In recent weeks, there have been two major high-rise projects announced, totaling nearly 1.3 million square feet. Both the two-structure Catellus project off Pacific Coast Highway and the Lankford building just west of Koll Center will add badly needed office space to the downtown inventory, particularly to the jam-packed and relatively newer buildings at the west end of town.

When completed, these will be the first new major downtown buildings in well over a decade — since One America Plaza opened its doors in 1991. No telling what a good dose of additional office space will do for tenants who have not been able to expand or relocate — and who have, generally speaking, been at the mercy of those in charge of the existing buildings. Imagine building owners and property managers in existing buildings having to brush up on customer service skills and conducting themselves as if their tenants indeed have options to locate elsewhere if their needs aren’t addressed. We can be thankful for the many good benefits we derive from market competition.

We can also be grateful for the brisk activity in other downtown real estate sectors; in particular, the number of high-quality rental and for-sale residential projects in the downtown area. Presently, there are roughly 5,000 condominiums and apartments under construction or being planned for the downtown district. This additional housing stock will attract people who either work downtown and are weary of the daily freeway commutes or people who want to get in on the excitement of living downtown and “reverse commute” to the suburbs.

Recently, Donna Alm of the Centre City Development Corp. made an important point when discussing downtown housing. Alm said that while eight neighborhoods are being redeveloped within the traditional 1,500-acre central core of the city, downtown’s impact really extends into the surrounding neighborhoods of Golden Hill, Sherman Heights, the Barrio, Banker’s Hill, North Park and Hillcrest. These neighborhoods will provide the best residential opportunities for a great number of those who will work in the downtown now being redeveloped.

In addition to being an easy distance from the existing downtown shopping amenities, these neighborhoods themselves will grow to include a number of retail services residents will need. Some will be within walking distance or a short bus ride to jobs, shopping and leisure-time activities.

I agree with Alm’s point that it’s time to start thinking about those adjacent neighborhoods in terms of being able to provide the housing stock necessary to support the scope of redevelopment now under way or being planned in downtown. These neighborhoods are being planned as “urban villages.”

If downtown is redeveloping as the heart of the city, she asked, why shouldn’t these urban villages be redeveloped around our city’s “new” heart? This is a very good question since it portends an exciting and unprecedented level of both new construction and redevelopment that will continue to spur our region’s construction and real estate economy for some time to come.

That in itself is something for which we all can be thankful.