Check out Robert Grunnah’s column in D Magazine entitled Musings from the Press Box at the Top of the Ninth
As we continue through the longest economic recovery period in recent history, most indicators remain level promoting a perceived stability. There appears to be no common agreement on the remaining length of this positive cycle being offered from knowledgeable prognosticators. Most feel a predictable “correction” is inevitable and most seem to be wisely preparing for it. Industrial, multifamily, Class A office, and hotel construction continues at a record pace, although all are beginning to display moderate discipline with significant decreases in new and planned projects. Stealing a comment from Wayne Swearingen, “Are we really overbuilt, or just over announced?” Earlier periods in similar cycles resulted in major corrections that required severe financial adjustments. Retail construction, perhaps the only slow growth segment, has shown its vulnerability to the obvious internet invader that has a growing, competitive edge.