August 1996, Vol 21, No 2

Abstract: The paucity of real estate investment activity during the bleakest days of the industry depression in the early 1990s prompted some observers to claim that commercial property investment would never again be the same. Others, counting on the long history of cyclicality in the real estate business, rallied around the slogan, “Stay alive ’til ’95!” placing implicit faith in the proposition that things would eventually get back to normal. In this article the author looks at both the current behavior of the investment community along with an eye toward future expectations.