The Importance of Banking Channels in the CRE Market

Is this another 2008 type of moment where we get caught into a vicious circle of leverage losses leading to under capitalized balance sheets and further reducing credit availability in the system? I think the bar is actually quite high for that, but really two reasons. Outside of office properties, fundamentals are still quite healthy. There are obviously some cyclical headwinds that we have to deal with. And then if you look at the broader credit complex, whether it's for credit or household credit, things also still look fine. We're still in an economy that is at full employment where the unemployment rate is at historically low levels.