President-elect Donald Trump talked about his plans for immigration reform at the New York Stock Exchange when he rang the opening bell Thursday morning after being named Time's "Person of the Year" for the second time. Trump's proposed mass deportations could have a complex impact on the real estate market .

Marcus & Millichap ( MMI ) CEO Hessam Nadji sits down with Catalysts Co-Hosts Seana Smith and Madison Mills to discuss the expected impact of Trump's second term and immigration policy on the commercial real estate market.

"It has two different aspects to it," Nadji says, pointing to two big factors: the workforce housing renter and increased construction costs.

"The workforce housing renter tends to have a very large migrant population. If the threats of deportation and so on really do play out at the scale that Donald Trump is talking about, that would affect a lot of gateway markets, [such as] Class B and [class] C apartment renters," the CEO adds.

"And then on the other side of the equation, not just on the construction labor force, which would be affected, of course, but also when you hear things about tariffs and trade conflict with our trading partners, that affects supply, that affects lumber prices, that affects all kinds of aspects of new construction."

Nadji notes the uncertainty still surrounding all of this: "What people say versus what they're able to actually execute are often two different things. So the market isn't panicking about that. Our clients certainly aren't overly concerned."

To watch more expert insights and analysis on the latest market action, check out more Catalysts here .

This post was written by Naomi Buchanan.