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The money talks: Real estate investors remain focused on risk and what it brings to the party
September 2013 marked the fifth anniversary of the start of the global financial crisis. Memories are long, and when you’ve lost money they’re even longer. In a room filled with real estate investment professionals, it’s not long before the conversation turns to the “R” words — recession, rents, rental growth, returns and the Big Daddy of them all, risk. Last year’s annual meeting of The Letter – Europe’s editorial board, in late September at the Cavalieri Hotel in Rome (oh, the Hilton, said the taxi driver), was no exception.
Five years on from the onset of the global financial crisis, things are more upbeat. There’s plenty of money around — too much, even, seemingly with nowhere to go — and commercial real estate transaction activity globally last year was up on the year before and the year before that. According to Cushman & Wakefield, the prospect