Posted on 4/19/2017 by Paula C. Squires on Virginia Business
The economy may be two years away from another downturn, real estate financial experts said Wednesday, but they don’t expect the commercial real estate industry to be pummeled as badly as it was during the last Great Recession, which lasted from December 2007 through 2009.
“Recessions come every 7 to 10 years. This has been a strong economy for a while. Whether it goes extra innings, I don’t know. With Trump politics, maybe there is a seventh-inning stretch, “ said Ronald Lamontagne, managing director, Americas Partners Group, (USA) Inc., based in New York. “We’re near full employment. Nearly all industries are having trouble growing the top line, so they’ve been squeezing on the expense side. I sense that we’re late in the cycle.”
Lamontagne was one of the panelists at the 8th annual Commercial Real Estate Forum held at the Westin Richmond by the Henrico County firms of Commonwealth Commercial Partners and Lingerfelt Commonwealth Partners.