Acquisition and Development Services

Different real estate cycles call for different investment tactics. During periods of economic growth, rising tenant demand and intense investor interest, development-related investments typically provide the most attractive risk-adjusted returns. In those cycles, investors price existing assets dearly, while property supply/demand fundamentals support new additions to market space inventories.Opportunities can abound for deep-pocketed investors in down markets as well, but recognizing them requires a shift in thinking. With property values low, tenant demand sluggish and capital often difficult to obtain, investors should focus on existing buildings—buying an operating property, providing equity and/or debt to a liquidity-seeking property owner, or making a “loan-to-own” purchase of a note from a discouraged property lender.