“The past is not a prologue.” This quote is taken from Brookfield Asset Management’s Investor Day last September. There’s no better way to describe the mood of the commercial real estate market right now. The commercial real estate industry is acutely aware that the world has changed.     Lenders Have Changed A typical example is the status of lenders. Until last year, it was not difficult to find a lender in the commercial real estate market. However, as interest rates rose steeply, the situation has done a 180. Lenders now play a decisive role in transactions, because they are increasingly rare. The case of the Gwanghwamun Concordion Building, which […]