Has anything shifted in the last three weeks since rates jumped up as it relates to the ability to get debt capital for deals?

It's a good question.

I think it's a multi-answer question.

One, just addressing spreads.

Spreads really haven't moved much.

You've seen a little bit of some securitized product and depending on the lender, there could be some banks that are widening a touch, but no sort of severe massive credit spread widening spreads have maintained, they've been relatively stagnant.

I think the bigger issue that we've seen is we've seen a big shift in how people are valuing real estate.

What's your take on the activity that's going on inside of that market as it relates to credit spreads? And do you see that having a contagion effect on commercial real estate? Or is that completely separate from what we've been talking about in this conversation as it relates to commercial real estate?

How are your clients sort of, if you will, justifying going in where they're paying, you know, a five cap and they're financing it at 525 or 550? Basis,

as Chris said, that's all smart investors understand basis.

If the basis is cheap enough on the real estate, over time, you tend to make a lot of money.

I think that's how people are looking at a lot of these deals when you start to talk about...

Selling the supply, the supply getting absorbed, the lack of new development, the lack of regulation or deregulation from the government, even the tariff noise certainly is good for existing assets to a certain extent, again, which helps to limit supply.

I think that there's a lot of the demand drivers in place.

to push rent growth at some point in the next two to three years.

San Francisco CBD office.