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Markets tend to myopia in times of extreme optimism. Rising prices fuel a brighter outlook, drawing additional capital and more favorable credit terms. For a moment, a market’s momentum can overwhelm the inertia of rational behavior. Prices decouple from fundamentals. This pattern might describe any sector. In specifically describing the last decade’s upswing and downturn in commercial real estate, property markets have earned their peerage with other mainstream asset classes over the last decade.

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