Yes, we are definitely past the sweet spot of the real estate cycle, which lasted from 1993 to about 1997.

"With each real estate cycle, we push it a little bit further, but we never quite get there."

"Real estate cycles are tied to economic cycles, and there's also a supply and demand issue," he said.

He said linking zoning to market conditions "leaves developing towns like us exposed to real estate cycles and developers' whims."

A. The outlook is grim, and it will depend on the real estate cycle itself.

LNR's senior management has solid experience in all types of real estate cycles, he added.

"This current market won't last, and we don't want to wait through another real estate cycle before something happens."

First, the overbuilding during the 80's was much greater than in previous real estate cycles, so the "inventory" of vacant buildings will take longer to fill.

The area was affected by the real estate boom-and-burst cycle from 2001 to 2007.

Most leases in the complex run for 17 years, he said, while the commercial real estate cycle in London is generally about 10 years long.