The Future of Commercial Real Estate

The conversation needs to move away from questions about blanket divestment, essentially. We are seeing commercial real estate prices fall as interest rates go up and they're longer and returns are discounted. I think that's a problem for regional banks,. That therefore could exacerbate the flow of money out of these less regulated retail banks into either bigger banks or more interestingly, money market funds. It's a double whammy of the tightening of financial conditions.