The Maginot Line, you undoubtedly recall, was designed by France’s brightest generals who were intent on “fighting yesterday’s war.” The feckless French army relying on outdated tactics proved to be no more than a speed bump to the advancing forces of the Third Reich.
I was reminded about fighting the last war recently when a top commercial real estate broker with several Ivy League degrees said that investors are primarily interested in value-add opportunities. A perfectly nice statement of course, one that elicits nodding heads all around the conference room table, until the one lad asks how anyone can have the confidence to undertake a development or redevelopment project.