Most Recession proof Commercial Real Estate jobs/sectors?
Curious to hear some thoughts from people who worked in the industry through the 2008 Great Recession. 
[{"id": "eiyvmh2", "text": "In a downturn, everyone becomes Asset Managers", "replies": [{"id": "ej07hzo", "text": "Exactly why I\u2019m in office/retail investment sales but I also manage 75,000 SF of office on the side. ", "replies": [{"id": "ej0naxp", "text": "Out of that 75,000 SF, what is the tenant break down? Single tenant, multi-tenant? And who pays the bills once ppl bailout without exercising their early term clauses...just they can't/won't pay and declare BK...that Income from 75,000 SF at market rent just became dogshit.", "replies": [{"id": "ej119jr", "text": "It\u2019s multi-tenant medical. ", "replies": [{"id": "ej1b7zp", "text": "That's probably one of the BEST uses out there for multi-tenant product. I did see an influx of Class A Medical tenants looking to try to renegotiate their leases or request a blend &amp; extend. Professional services on the other hand is a whole different story. ", "replies": [{"id": "ej1flt0", "text": "I\u2019d agree due to the fact that medical is one industry that suffers less in a downturn. ", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ej3l7qa", "text": "Do you do this outside of your work? Like as a side job? I\u2019m really curious ", "replies": [{"id": "ej461w5", "text": "No. I work for a small firm and we all collectively manage some Class A Office properties together. It\u2019s not our core focus. Our goal is to bring on enough management contracts to justify hiring a great full-time PM. ", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ej0n2qr", "text": "What happens if said tenant(s) move out, go belly up? How can LL keep you on the payroll if they have limited or zero NOI? I've been thru the 08 shit show...not saying it will be that bad, just saying asset management ain't guaranteed my friend, unless you're working for a property under receivership, assuming that you lose a majority of tenants and LL loses the property. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "eiyy585", "text": "If you\u2019re tenant rep, always opportunities for right sizing and blend and extend with desperate landlords.  A lot of LLs have been cocky, looking forward to negotiating with them when it\u2019s a tenants market again.", "replies": [], "depth": 1}, {"id": "eiz01f8", "text": "Cost segregation engineer. Everyone still needs to do their taxes and deduct as much depreciation as possible. ", "replies": [], "depth": 1}, {"id": "eiz3h18", "text": "Multifamily looks like the best bet. https://www.cbre.us/research-and-reports/US-Multifamily-Research-Brief-February-2019", "replies": [], "depth": 1}, {"id": "eizie30", "text": "Multifamily is usually a good bet. People need a place to live in all economies, and if they can't buy, they rent.", "replies": [], "depth": 1}, {"id": "eizn3cv", "text": "Figure out how to become a court appointed receiver.  This means rubbing elbows with lots of foreclosure attorneys I imagine.  I never figured it out but those guys made bank and seemed to do basically 0 work.  \n\nI remember looking at management reports for occupied buildings that would literally be like one page and simply have a income, expense, and cash balance line, and thats it.\n\nI got though those years pretty much doing REO brokerage and PM.  The PM fees were really really good actually.  I think on one property I was getting almost a grand a month to basically pay an electric bill, and walk through it once a month and make sure nothing was screwed up.  It was an empty industrial building.  Commercial REO, at least that cycle anyhow, wasn't bad work either.  The banks just wanted shit off their books and generally the bank people were quick, response, and reasonable.  There were exceptions to that of course, but there weren't the kind of headaches you hear about in residential.  \n\nNext downturn I plan on sponsoring deals and/or starting an investment fund.   That is probably the best place to make money IMO if you have the connections and investors in place and can sweep in and clean up on all the distressed garbage that will likely hit the market.\n\nI'm doing a lot of deals now that I fully expect the buyers to default on when shit goes sideways (repping sellers of course).  I am hopeful I can look them back up and retrade ;)", "replies": [], "depth": 1}, {"id": "eizx193", "text": "i do property management as well as leasing on my centers.  So in a downturn I will be able to not only make shitty calls, but write shitty lockout letters ", "replies": [], "depth": 1}, {"id": "ej039mf", "text": "Office and retail were ghost towns.  My local market saw office vacancies at about 40%.  Even medical and GSA's were weak.  Multifamily was relatively safe and continued to prove it is one of the best investment options.  ", "replies": [{"id": "ej3fgqt", "text": "I'd say office would have to be the most dangerous.  ", "replies": [], "depth": 2}], "depth": 1}, {"id": "ej0ci7g", "text": "Multifamily, specifically LIHTC, S8 and other affordable housing.  ", "replies": [], "depth": 1}, {"id": "ej0i1fo", "text": "Appraiser\n\nBanks and other lenders/funds need valuations on existing loans and properties owned. ", "replies": [], "depth": 1}, {"id": "ej0l96g", "text": "In short..\n\nOn the investment side - distressed debt, buying  pools of non performing loans (think Lone Star here) really heats up.\n\nCapital Markets - loan workouts and restructurings become quite frequent and help mitigate the slow down on the investment sales side.\n\nLenders - become extremely busy and hands on. Lots of cash sweeps and guys giving the keys back means increased work.  \n\nAsset management becomes top priority and groups will have to be extremely diligent to keep their buildings full. Any job associated with leasing a building will become vitally important. On the acquisitions front, If you can find a shop that is well capitalized you\u2019ll see some groups really ramp up their buying activity in a downturn. ", "replies": [], "depth": 1}, {"id": "ej0mw8a", "text": "2 words, note sales. 2 more words, dry powder. ", "replies": [], "depth": 1}, {"id": "ejjg5jx", "text": "Workforce multifamily. Stay away from the sexy stuff. ", "replies": [], "depth": 1}]