Phase Four: Congress Hears the CRE Alarm Bell
Retelling Chapter 4 (Part 1) of The Commercial Real Estate Tsunami by Tony Wood (foreword by Matthew Anderson, ISBN 978-0-470-63637-4).
Tony Wood opens Chapter 4 with a tsunami metaphor that sticks. The “Run-Up” phase is the wave’s last push inland, when momentum and sudden arrival do the most damage. By 2010, commercial real estate was in that phase. The question was not whether trouble was coming. It was whether anyone in Washington understood how big the wall needed to be.