5- What is your perspective on this statement? Why is it an issue? What are the issues and concerns with the "ongoing shift" and what do they mean by "demand" and "lease renewals"? Why is this important?

"This could bode well for the year, especially if they are well received and the pricing is favorable," Kay said, "However, we expect that originators will use more conservative assumptions as it is still uncertain how the lingering effects of the pandemic and the ongoing shift toward hybrid work will weigh on demand and lease renewals." The $3 billion CMBS refinancing of Midtown Manhattan's One Vanderbilt skyscraper in June was led by a Wells Fargo and Goldman Sachs consortium. The 10-year, fixedrate debt, SASB CMBS transaction, which replaced $1.75 billion in construction financing, was the largest ever single-building securitized financing