Commercial real estate has posted three-and-a-half years of robust total returns, attracting significant inflows of investment capital. At this point we may want to begin to fear our own good fortune, as there is nothing worse than free-flowing capital to encourage over-development which tends to kill the party. One of the best protections against over-supply is to be in markets that are difficult to supply.
Constraints on new supply in a given market reduc
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