Over the last decade we experienced two transformative realestate cycles. First, we experienced a commodity market in saleswith unprecedented financing with securitization, along with acompression of cap rates due to finance availability. Then we hadthe crash, which reversed all that.

Real estate is no longer a commodity. There’s a severe change inthe economy which impacts retail, and all other properties. There’salso a return to underwriting financing, similar to the way weconducted business in 2001 to 2002. So how does this impact theretail investment and ownership market going forward?

There’s no doubt there was a significant expansion of retailersduring early 2000. In addition to the availability of financing forproperties, there was an availability of financing for tenants,including corporate and Mom & Pop.

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