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Hessam Nadji, Gary Bechtel Chart the Recovery at 2021 Western States Conference
September 23, 2021
For Hessam Nadji, CEO of Marcus & Millichap, the 2021 Western States CREF Conference held between Sept. 8-10 was his first large-scale public gathering since the onset of the pandemic 18 months ago. He used the occasion to provide a review of the progress that the economy generally and commercial real estate in particular have made during that time.
Key differences between the global financial crisis that took hold in the fall of 2008 and the downturn that derived from the pandemic were in the nature of the 2008 crisis and the 2020 one, and in the relative speed of government response. The GFC, Nadji pointed out, was the outcome of a “sick” financial system, whose ailments eventually permeated all aspects of the economy.
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Key differences between the global financial crisis that took hold in the fall of 2008 and the downturn that derived from the pandemic were in the nature of the 2008 crisis and the 2020 one, and in the relative speed of government response. The GFC, Nadji pointed out, was the outcome of a “sick” financial system, whose ailments eventually permeated all aspects of the economy.
