The Importance of Data in Asset Management

There's about 1.4 trillion worth of commercial mortgages maturing this year and next year. We've seen a number of very well-heeled borrowers like Blackstone, Brookfield, RXR, just handback keys as their loans come due because they seem surprised that interest rates wouldn't stay low forever. I think what you're seeing are some of the really smarter borrowers making rational decisions to give back keys in situations where the alternative is putting good money after bad. New York has this density that's really like a gravitational force that drives people to want to be here.