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The easy cycle is over. The era of near-zero interest rates, cheap construction costs, and undervalued land has passed. Today, development pipelines are constrained, inefficiencies are exposed, and capital must be far more disciplined.

But the long-term fundamentals remain strong. Cities continue to attract talent and families because of their economies, natural environments, and quality of life. At the same time, supply remains limited and is unlikely to catch up over the next decade.

That disconnect is what creates opportunity. While markets focus on short-term pressure, we focus on multiple decades from now. With a long-term mindset and disciplined operations, durable value can still be created.