Richard Barkham of the Dallas-based firm discussed the circumstances that signal a unique end to an otherwise classic cycle.
His subsequent reasons include that a decade of deleveraging has left consumers in good shape and, for better or for worse, the shortage of single-family homes has also kept the economy going.There continues to be a lack of labor supply, running counter to a high demand for labor, and the Federal Reserve Bank has its work cut out to continue to curb inflation.Investment volume is subdued, falling to 2013 levels by dollar amount.
While the surge in vacancy is not occurring, the investment liquidity, especially for new office development, is.
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