It seems as though one can scarcely open a newspaper these days without encountering an article about the state of the United States commercial real estate market, analyzing whether the worst has passed or whether it is yet to come. Anyone who could predict the future of the commercial real estate market with any certainty would not be spending his or her time publishing articles.
“Whoever wishes to foresee the future must consult the past.”— Machiavelli
To properly analyze the current downturn, it is useful to put it into historical context and to look at the types of transactions that are taking place today.
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