Let The Builder Beware

"Cisco offers a glaring example of a classic mistake that is made by fast-growing businesses during fast-growing times. They expand their real estate too fast and decide to either sign long term leases (bad) or build themselves (worse). But the thing about fast-growing times is that they are always combined with high rents and high real estate costs. Then things slow down. And even when your core business returns to its growth pattern, you're left with the makings of a really nasty real estate career."