I was making calls to sell a multi family building in Honolulu today and something rare happened…… Every person I called was still employed at the same company as four years ago. Now that is unique in the commercial real estate market.
Usually when I am talking to office building or shopping center owners and even Hotel owners in Hawaii ,I spend 40 percent of my time updating who has left the company and who has the new responsibility for Hawaii commercial real estate. This confirms my suspicion that apartment complexes are the most stable asset class to come thru this recession.