NEW YORK CITY–A year of expectations that 2024 would herald a major rebound for commercial real estate and at least three rate cuts from the Fed has given way to the cold reality that it's time to stop making predictions.

The double gut-punch of a stubbornly high inflation rate and a strong signal from the Fed that it will stay the course with interest rates has everyone considering what the new normal may look like or whether it will be normal at all, at least in terms of historical comparisons.

Where rates will end up this year was the big question for the panel on capital markets at our annual net lease conference in New York this week—and like everyone in the audience, our experts confronted the uncertainty of the moment.

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