LOS ANGELES—Now that the Great Recession is fading into thepast, and 2015 seems to be shaping up as a boom year in realestate, there is a temptation for real estate developers andinvestors—eternal optimists—to extrapolate from a few good yearsinto an ever rosier future.
Which is exactly the time to remind ourselves that ours remainsa cyclical industry, in many sectors well along the curve, and thatwe should not be lulled into forgetting the hard-earned lessonsfrom the darker days of the recession:
1. Pick your partners well. When thegoing gets tough again, having partners, tenants, landlords andlenders who are financially strong, reasonable people, withinterests largely aligned with yours, makes a huge difference. Doyour due diligence: how did these people actually behave in therecent unpleasantness?
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