If the past is any guide, the commercial and residential real estate industries should be taking a nosedive just about now. Developers typically overbuild toward the end of a growth cycle, setting themselves up for a price crash. Yet this timernaround, much of the industry is managing a soft landing on a relatively high plateau. Sure, growth in everything from downtown office space to suburban homes has slowed sharply from the double-digit growth rates of the past two years. But nowhere are there signs of collapse—not even in the handful of overbuilt markets, such as Atlanta and Dallas.
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