You got it.

Factor into the equation that Class A Investment Grade CRE is a favorite investment for institutional and foreign investors.

Add into the equation the weak dollar, foreign investors are logically looking to capitalize on it by investing in US dollar based assets.

I have some experience in CRE development - odd as it may sound, most of the large foreign investors would rather get a 6% yield on a class-A skyscraper in Manhattan, San Francisco, or Boston, than get a 12% yield on a garden-style complex in Dayton.

Meanwhile, all the recent outlyer properties built in the past few years, with easy money, are suffering. Land in particular is doomed for a good while.