Recorded at the end of 2022, this update works through the headlines that had commercial real estate on edge: interest rates still climbing, the questions swirling around Blackstone, and a steady drumbeat of housing-crash predictions. Andrew separates the noise from the parts operators actually had to underwrite.
It holds up as a time capsule of the rate-shock moment, and as a window into how VAC frames market fear: not as a reason to freeze, but as the backdrop that resets pricing and surfaces the next basis.