Publications

- September 1, 2015: Vol. 9, Number 8

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This time will be different

by Joe Valente

How many times have you heard that before? It’s one of the most often used and abused phrases in real estate, a few simple words that can be used to justify just about any decision, particularly when markets begin to look somewhat frothy.

This time will be different so, of course, it makes complete sense to acquire prime assets in Europe at what can only be described as eye-watering levels. The maths tells us that it makes sense, and the argument verges on the compelling. It begins with a recognition that the prime end of the market is highly liquid, with no shortage of capital in a way that — at any other time — would look remarkably like the peak of the cycle, particularly as we move into a phase of monetary tightening in the United States and the United Kingdom, followed sometime later in the euro zone. But this time will be different because we’re only at the beginning of the economic cycle and

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