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Everyone will say to themselves that I knew something was bound to happen to us, we had it too good, on the other hand, a crisis (a change in the market) always surprises us. It surprises us because we still wanted to finish something, but we will finish it under changed conditions. Will the project still work or will I have to adjust something?
It's not as bad as we might think, because every change in the market makes us think about whether we're doing things right or even whether we can do them better. What disturbs us about crises is that we don't know exactly when and how they will end.
As I have mentioned, crises come and go. We are not witnessing the first nor the last market change. When I look at the previous ones, I ask myself: why did I take them so seriously? Since the last one I can remember, we have moved on by leaps and bounds. Let's look at what the market looked like in 2008 and now.
Since then, we've built a lot of quality buildings, we've raised standards, we've increased efficiency, we're looking at the environmental impact of construction, we're trying to contribute to sustainability. None of this was in our imagination 15 years ago. We were worried about what we were going to do. So let this change in the marketplace also move us and teach us something.
The last crisis taught me one thing: I don't do what I do for short-term success. I am a long-term player in real estate, so short-term fluctuations will not affect my long-term goal. I know that after every storm, the sun will shine again and we will tackle different, new challenges again.
Peter Nitschneider
Managing Director iO Partners
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