“We understand our clients are in a difficult spot, and we do everything we can to help them,” says Elliott Quigley, senior vice president at the bank. “And our clients understand that we're in a difficult spot. Hopefully we meet somewhere in the middle.”

During a turbulent period when many owners could find themselves in rough financial waters, relationships and trust are critical. Lenders and service providers can help borrowers stay in business so they can ride the next upswing.

“It's important for us all to remember that this too shall pass,” says Quigley. “We are going to do business with each other on the other side of this, and we need to temper our actions and our reactions.”
Matt Hudgins is an Austin-based writer.

PREDICTIONS FOR MID-YEAR 2009 FROM NOTABLE ECONOMISTS

NREI asked four forecasters to predict the direction of key economic indicators. Here are their responses:

Robert Bach
Chief Economist, Grubb & Ellis

Prediction:

“In early 2010, I expect the office vacancy rate to test the previous two peaks recorded in the first quarter of 2004 (17.9%) and the third quarter of 1991 (18%).”

Sam Chandan
Chief Economist, Reis

Prediction:

“Many of the nation's bellwether office markets will be among the worst performing markets in 2009.”

Joshua Scoville
Director, Strategic Research, Property & Portfolio Research

Prediction:

“2009 will be the year of the asset manager.”

James F. Smith
Chief Economist, Parsec Financial Management

Prediction:

“Don't be surprised if the 2010 and 2012 elections look like 1930 and 1932 in reverse, shifting power from the Democrats to the Republicans.”

Bach:

GDP growth: negative 0.5%

Core CPI inflation rate: 2%

Monthly job gains/losses: -200,000

10-year Treasury yield: 4%

Crude oil ($ per barrel): $85

Chandan:

GDP growth: negative 1.9%

Core CPI inflation rate: 1.1%

Monthly job gains/losses: -120,000

10-year Treasury yield: 3.8%

Crude oil ($ per barrel): $68

Scoville:

GDP growth: -1%

Core CPI inflation rate: 1.3%

Monthly job gains/losses: -93,000

10-year Treasury yield: 4.4%

Crude oil ($ per barrel): $68

Smith:

GDP growth: 2.2%
Core CPI inflation rate: Less than 1%

Monthly job gains/losses: 125,000

10-year Treasury yield: 4.0%

Crude oil ($ per barrel): $60

See also: Buyer-seller standoff: Who will blink first?