George Mitsanas George Mitsanas

The memory of the Great Recession is very much alive in the minds of commercial real estate professionals today. The bleak severity of the crisis is likely the reason why predicting the end of the current cycle has become a favorite pastime for industry leaders—a kind of PTSD tick for those who suffered through it. But, what about incoming young professionals? More than 10 years later, new professionals entering the commercial real estate market could have no or little memory of the economic disaster.

We asked George Mitsanas, a principal at Newmark Realty Capital, who has emphasized the importance of completing a structured workout on all deals, whether at the peak of the cycle or the pit. In this current boom cycle, even seasoned professionals could be inclined to loosen underwriting standards. “Here’s the reality of a boom market cycle,” Mitsanas tells “Both young and experienced talent in our industry is driven to focus almost exclusively on new production and income, creating a knowledge gap for complex structured workouts.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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