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The Importance of Inflation in the Real Estate Market
One of your holdings CBRE is a brokerage for commercial office buildings. Can you explain why inflation will create environment where there are a lot of transactions? We've been in a disinflationary decade over the past 10 years, and brokerage firms have done pretty well. Why do you think they'll do especially well in inflationary times? I think that in an inflationary market, there's uncertainty.