What's the Outlook for Office?

In terms of leases, are they still pretty stable from where they were prior to the pandemic? Yeah. Effective rents declined to shy of 2%. This time, 12% in the GFC, the Great Financial Crisis, Global Financial Crisis, and then 27% in the tech bust. So again, just a relatively minor adjustment in rent. And we've seen in many markets now, particularly the Sun Belt, where we've seen office rents have been... Right now, there's this big dispersion of office rents going on; definitely laggard markets like New York and San Francisco.

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