The Heterogeneity of Commercial Real Estate

I think they are very focused on inflation as they should be, and I think they're secondarily very concerned about the health of the banking sector. Those are the two dominant things that they think about first and foremost. The question really is whether they're willing to live with 2% inflation or 3% or 4%. That may sound like small differences, but they're not really small differences. And so that rate piece of it I think is going to hinge on when they think they're done.