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Developers Cringe

In my Emerging Trends presentation I have a line about the choice facing developers in 2009: "They can head out to the golf course or go into the fetal position." The black humor seems always to get good laugh, but the reality is anything but funny to an audience of cringing entrepreneurs.

By Jonathan D. Miller | Updated on November 19, 2008

In my Emerging Trends presentation I have a line about the choice facing developers in 2009: “They can head out to the golf course or go into the fetal position.” The black humor seems always to get good laugh, but the reality is anything but funny to an audience of cringing entrepreneurs.

Construction loans are about as easy to find today as an Ivory Bill Woodpecker. Even if you have a bullet proof build-to-suit deal what lender will consider giving you a hearing about financing? Bankers all uncomfortably must focus their attention on what they may have unwisely financed in recent years–underway or just completed projects that have no way to meet pro formas in the cratering economy and have dwindling prospects for takeouts. In every major market, work has shut down on half built towers, testament to looming troubles.

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