Having been through a few recessions and noticing significant trends, it's safe to say we can answer the question of "Does history repeat itself?" with a resounding "yes." However, we can gain valuable insight from the past to better prepare for the future to mitigate risk.

It is apparent from today's headlines that we are heading into, or already in, a recession. Regardless, any downturn in the market has historically impacted the commercial real estate market, and this time is no different.

The business implications of these recessions – from tightening of credit to changes in sales volume – have been both positive and negative, but the legal problems that ensue are likely the most long-lasting and costly. Identifying the risks that emerged during prior recessions and understanding how they may have been resolved can help protect lenders and developers during these turbulent times. In addition, knowing this history can equip both parties to take the necessary precautions to ensure that history does not, in fact, repeat itself.