Emma Huepfl reflects on the CREFC Economic Outlook Seminar, 6 Feb 2019
The Laxfield director and co-founder commented on the commercial real estate industry event:
Really enjoyed market observations from Jess Tomlinson (Barclays) and Lorna Brown (LGIM) at CREFC Economic Outlook Seminar. They delivered a very balanced response to Malcolm Frodsham’s view that debt investors have no reason to be optimistic against late cycle asset pricing and occupational market in fragile balance. Lorna thinks it’s “Still possible to lend well with correct borrower alignment,” and Jess observed “Sophisticated consumers of valuations understand they are a point in time measurement, not the basis of their loan underwriting”. Agree on both counts, as well as with the overall note of caution – disciplined through-cycle loan underwriting remains key.