Commercial real estate is notorious for attracting outsized personalities bursting with confidence about their ability to pull off deals in a tough market. But a tone of caution swept over the US$3.4trn commercial real estate finance sector as industry leaders gathered in Miami last week for their main winter conference. "Last year, the only negative thing we heard were jokes about when everyone is happy, it must be near the end," said Rick Jones, an attorney at law firm Dechert. "Now, it's the seventh year of a recovery. And when you get that deep into a recovery, the question becomes: When is it going to come to an end?"
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