As the world recovers and reopens at varying speeds, the real estate industry is transforming and offering new opportunities. While the uncertainty caused by the war in Ukraine and increased rate-hike expectations remain wild cards, the worst of the COVID-19 pandemic has passed. Higher interest rates are undoubtedly a concern, but there are good reasons that the tightening cycle now underway in the U.S. or the tightening cycles which are expected to commence soon in most major global economies will not last long. Inflation should recede from its four-decade high, although stay elevated for some time given the lingering impact of supply-chain disruptions. Real estate is well positioned to perform well against this challenging macro backdrop.