@Steve Vaughan  My Dad taught me that real Estate was Belly to Belly before there was an internet or cell phones etc.. he would always say so much is in your body language inflections all sorts of things you can only do in person... todays real estate is so focused on hiding behind text messages that get misconstrued etc. 

Both parties are at an inflection point.

You would need to explain why the Treasury curve is riddled with inflections. 

I think we already reached the inflection point mate.Old school "Hard Yakka" has gone out the window.Look at folks getting their panties in a tangle with "return to office" company mandates hahaI'll stop there and and say no more so it doesn't get misconstrued but I"m not too optimistic over the next 20-30 years when it comes to the current work force maturing and being expected to "pull the weight".Thankfully we have AI and maybe even robotics taking over lol

However, I would also argue that you need to know your average deal and see if their is movement in to different inflection points.

Watch out though, as cap rate decreases, an inflection point will appear where adding more debt actually reduces ROE.

That said, I'm a big believer that at the inflection points (very top and very bottom of the market) real estate is actually not local.

The structural job market changes are the one that worried me the most, even company like Microsoft is actually having declines receivables.Main Street would see the impact later on if and if there is pivot.very sector specific. housing to a degree, manufacturing at inflection point, logistics in garbage. the top 7 of stocks is why s&p up, bottom 493 are flattish +/- up or down.

This is another economic inflection point.