"The best way to think about valuation is not to get too caught up with interest rates, but to purchase property below the cost to build.
We believe that if you can buy a building at a discount to the cost to build, then you will be the first to make money once the development cycle kicks off again.
As the population begins to grow again, property prices will have to get back up to building replacement costs, as this is the only way we will see developers start building again in a meaningful way.“
