With increasing inflation and interest rates, what changes in buyer appetite?

Inflation more so in the short term (hopefully), but interest rates over the next several years. With both of these factors impacting many different vehicles for investment, where does the dry powder go? Does the volume continue to be high? Do you predict a lull? Even now, a CMBS loan for office space is at the high 4s, how will that impact the different asset types as many already carry higher risk.

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