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Conditions are ideal on both a macroeconomic and an industry-specific basis to be riding the real estate wave, says Mark Ventre of Stepp Commercial.
Back in 2016, I queried CRE executives about where they thought we were in the real estate cycle. Most of the answers I received were that it was either the top or bottom of the ninth. In 2018, I posed the same question and responses ranged from bottom of the 13th to the seventh inning stretch of a double header.
In 2020, I’m starting to think I’ve been using the wrong metaphor all along.
A young analyst in my office is a surfer and has been teaching me all about this incredible sport. He told me that this year something special has been happening across the Pacific. Rather than one perfect storm, many disparate storms have formed around the ocean thousands of miles apart at just the right time. These storms generate massive swells that have converged and descended upon a beach in Maui to create quite literally the perfect wave.
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