‘Falling Knives’ At A Dallas Property Gathering

When several hundred commercial property types gathered yesterday at Dallas’ Hotel Palomar for a “mid-year real estate investment roundtable,” the mood was so gloomy you wanted to shoot yourself. Organized by Andrews Kurth LLP, the roundtable featured panelists from outfits like Invesco and Holliday Fenoglio Fowler who said things like, “We’re not seeing much deal flow anywhere,” and, “There’s a lack of liquidity in the market.” If you think things are bad now, though, someone said, just wait until all the office leases start to deteriorate–and it really gets ugly. The market needs stability, somebody else added, but “no one’s willing to catch the falling knife at this point.” The gathering’s zenith probably came when the panel broke up and everyone repaired to the lobby, where they proceeded to drink heavily. Which was understandable.