Editor ’s Insights: Sometimes You Win, Sometimes You Learn!

Karen Schutte, Managing Editor • published in the February 2023 issue

Some of my personal take-aways from this issue of Trend report that I would like to share with our readers:

• Anything can happen in the short run.
• Predicting the future is hard.
• Nothing works forever either good or bad.
• Big gains are typically accompanied by big losses.
• Losses are inevitable: Sometimes you win, and sometimes you learn.

Our esteemed contributors this issue helped to affirm these lessons for me.

As Josh Marks, Principal at Rider Levett Bucknall (RLB) put it: “2022 has been a rollercoaster ride” and suggests
some ways to assist in Maintaining Construction Quality Standards in Today’s Economic Environment. Carter Froelich,
cpa, and Managing Principal of Launch Development Finance Advisors, talks about Revitalization Districts
(RDs)—the obstacles and how Arizona can become competitive and to gain shovel ready manufacturing and
industrial sites’ improvement in Revitalization Districts: Launching Arizona’s Economic Growth.

We also welcome back Sandra Barton, Senior Director, Commercial Real Estate for Alliance Bank of Arizona, for
her insights into Trends in Real Estate Banking in Southern Arizona. She reminded me that the housing market came
into 2022 scorching hot. But, then again, nothing lasts forever.

Joe Snapp, Senior Vice President at Foothills Bank, a Tucson lender, will make you think twice about your view of
economic bad news and good news. He explains his diverse perspective in Good News is Bad News and Bad News is
Good News. My head is still spinning!

Tax Updates and Strategies for a Recession by Eric Freeman, cpa, and Senior Tax Manager at BeachFleischman,
PLLC, underscores the tax strategies embedded into our ever evolving tax law.

Joe Berko, CEO of Astor Realty Capital of New York, a private equity lender, makes a case for private equity firms
and the help available in uncertain times in Institutional Investors Confident in Real Estate Turn to Local Private
Equity Firms.

Cynthia Hammond, President and Co-founder of Churchill Commercial Capital, a commercial mortgage banking
firm based in Scottsdale, sees the Fed’s medicine beginning to work and sets expectations in What’s Up with the
Financing Markets?

Commercial Lending is a tricky business! However, thanks to Theresa Witz, Tim Prouty, Kevin Prouty, and Brian
Prouty, members of the CBRE Tucson Debt and Structured Finance team we gain an understanding of the whys,
in Lending Markets to Remain Active but Conservative for Tucson during Uncertain Environment, and the Challenges we can expect in 2023.

Scott Stovall, Senior Vice President with National Bank of Arizona, elaborates further in New Year Conundrums as
to why lending is getting tighter on all types of loans with both “victors and victims in 202.”

In conclusion, Jodi Bain, Managing Partner of The Bain Law Firm, PLLC, prompts us in Property Tax Savings
Impacts & Timeline that greater NOIs equal greater property value and how winning a property tax appeal starts
with knowing the calendar of events. She removes any ambiguity about being proactive and strategic in obtaining
firm results in tax court.

To all who helped with this Trend report issue, we extend our sincere thanks. Without the involvement of these
noted individuals sharing their knowledge and time, these reports would not be possible.

We also thank the Trend report team: Patti van Leer, Michael Rossmann, Melissa Vucijevic and Jack Paddock.

We’ll start work right away on the upcoming March issue “Residential Development” trends forecast.

We also thank you, our readers, for your continued support. As always, we appreciate your feedback and welcome
your comments!