I want this thread to be a way to think out loud about how we do business during trying economic times. It seems many (most?) of us on this forum are newer to CRE and have never been in the industry during a recession/downturn/correction. For those of you who have, I'd love to get some conversations going outlining strategies you've employed or seen peers utilize to help get through tough times.
Feel free to get specific, eg "I worked as an asset manager for an officeduring the downturn, here's how we dealt with leasing" or "I was a debt broker for CBRE during the downturn, here's how tough the capital markets were and here's how we tried to maintain relationships and drum up business" or "I worked in multifamily REPE, here are some deals that worked and here are some deals that failed." Stuff like that.
Some specific questions I have for folks:
- What were the main threats to your career as a real estate professional, and how did you adapt?
- As an acquisitions guy, how did you get deals done?
- As an asset manager, how did you minimize loss?
- What were the things that seemed apocalyptic at the time that turned out to not be, and what were the things you may have overlooked that came back to bite you in the ass?