The Impact of Interest Rates on the Real Estate Market

Interest rates are now back to more historic normals and obviously they're much higher than we've dealt with over the last 10 years. Most sellers today underwrote exit caps when they started their deal a year or two ago and sub five for sure. And it depends on what their capital was. If their capital is patient, they should be. Our view is we should be patient. Not because interest rates will go down but because there's a lot of capital raised to go buy industrial that’s not active today"