The Heterogeneity of Commercial Real Estate

The key thing to think hard about is heterogeneity, because this story gets characterized in one way. After a long period of time where everything goes in one direction, these next several years are going to be about diffusion, of outcomes. So it's entirely conceivable to me that the Boston office market is fine In the next five to 10 years,. And the San Fran office market is not.