We finished our semi-annual meeting in Orlando, Florida. The general sentiment is we have reached the bottom of the cycle. Although by what measurement? Recent sales and leases have indicated a low point. However, when other leases expire, those buildings will still need to discover their own downward level. Visually, think of dominoes falling down over a lengthy period of time. The current signals are more a psychological target rather than one of momentum. Monitoring rent tends will validate when we are at the beginning of a new upward trajectory.

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