The global CEO of Brookfield says a recession is coming, but interest rates will remain “lowish” and he can find more deals as liquidity dries up.
says a recession is coming as central banks fight to tame inflation, but interest rates will remain “lowish” over the long term and his company will find more deals as liquidity dries up.
But while central banks have little choice but to get inflation down, Mr Flatt says it’s important to recognise the coming recession is a normal part of the business cycle and not the major economic crisis we could have seen as COVID-19 shut down the world. “The last 2 ½ years were tough. We bought things, but there was lots of money around with lots of sponsors and everyone could borrow money. Therefore, there was no way to differentiate yourself.
This is creating a bifurcation in the office market between the lower-grade properties, which he says are struggling to get tenants, and the best buildings, where rents have climbed above pre-COVID-19 levels despite the work from home headwind.
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