 Real estate markets, we're starting to see the very beginnings, I think, of real estate challenges that are going to hit, I think, in 2023. As I've said in the past, I think we're heading towards a recession. I think a recession is going to be very difficult to avoid. I think the last couple of days, the markets keep changing their minds, but the last five to days, the markets have traded down, I think, as a consequence of more realization that might be coming. But one of the ways in which I think that recession will manifest itself is a slowdown and a real crisis in commercial real estate, particularly in office space. I think we're really going to see a challenge in office space moving forward. I think that's going to affect most cities around the country. I think it'll affect the banking sector. I think it'll affect a significant portion of our economy that is tied to that. If you think about it, office space was struggling because of COVID. Of course, it lay empty for a long time during COVID. People got used to working at home, and many companies have maintained work at home standards. They were allowing people to work at home. As a consequence of that, companies have scaled down their office space demands, office space requirements. I see that just at the Ironman Institute. The Ironman Institute is basically a virtual company now. As a consequence of that, we subleased a big chunk of our office space in California. I think more than 50% of our office space, we sublaced. We trimmed back. I think you're going to see that. We've seen that all over the country. New York in particular, which has a lot of office space and a lot of companies that are not requiring their people to come back to work, at least not five days a week, and can therefore people can share offices. They can trim back on office space. Of course, we're also hearing about layoffs. In certain types of professions, particularly in tech, tech is a consumer of office space. Those kind of layoffs are going to have an impact on office space availability. We're also seeing tech companies reduce their, just try to reduce expenses, try to cut down on expenses. That is going to play a significant role. Generally, I think if you start out with COVID and the whole of the doubt, put the real estate market in. Then the fact that we never really recovered from that in terms of people expected to come to work in the office, so a certain percentage of people are never going to go back to the office. A certain percentage of office space has disappeared. Then you add to that a session or at least an economic slowdown, which is going to cost companies to trim back. I'll just give you an example. Metta, the company that owns Facebook, or the Facebook that changed its name to Metta, had, I think, 250,000 square feet of office space at the New Hudson Yards development in New York, which is this massive, beautiful, modern development in, I think it's in the west side of Manhattan, and they have just vacated that, 250,000 square feet. That is a lot of square feet. Companies like Metta are cutting costs. They're cutting costs a few of the coming recession. I think you're going to see more of that, not less of that. Then finally, the thing that ultimately tips the balance and actually causes real distress, that is, real estate companies going under, developers struggling, office towers having to sell at huge discounts, what actually tilts that is interest rates. That is, with interest rates on the rise, it's going to harder for people to fund the development, banks are charging a lot more, it's harder for people to buy real estate to real estate, because in a sense, like just your home mortgage goes up, the debt that you have to take on in order to buy an office building is more expensive, therefore, you can afford less office building. We're going to see, I think, one of the manifestations of this recession that we're heading into, and it has kind of a feedback effect, the recession makes the real estate market worse, the real estate market going down makes the recession worse, these things feed off of each other. I think you're going to see that in most metropolitan areas around the country, and New York is probably going to suffer as much, if not more, than anyone else. I think 2013 is going to be a difficulty economically. I've told you this before, you should be preparing, you should be saving, you should have contingency plans, it really, it's going to be tough, I think ultimately in employment, it's going to be tough on investments and things like real estate. I think people are really feeling that in the residential real estate market, but it's also going to affect the commercial office building real estate market. Thank you for listening or watching The Iran Book Show. If you'd like to support the show, we make it as easy as possible for you to trade with me, you get value from listening, you get value from watching, show your appreciation. You can do that by going to iranbookshow.com slash support, by going to Patreon, subscribe star, locals, and just making a appropriate contribution on any one of those, any one of those channels. 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