We’re not just tech, just entertainment, or just finance like New York or whatever, just cards like Detroit, whatever you want to talk about, we really have a lot of industries that drive demand here. And then that is the last thing is that all through this pandemic period and plus-plus and probably our whole careers for me and Ken, we’ve been strengthening our operating platform. And now our operating platform, I mean, to say it has no equal is an understatement. I mean, it’s really an understatement I mean in our market, in our market. So I just feel like that platform, the diversity of tenants, the fact that these larger issues that I’m not sure they’re even going to be correct for other markets, but I know 100% they’re not correct right now for our market, okay?
That those issues are living, that’s creating probably a buying opportunity against a backdrop where I am totally confident long term in the performance of our office portfolio for the reasons I just said. So that’s why right now apartments, which people still have a lot of confidence around apartments, so maybe they’re not going to be discounted as much, but there’s a lot less confidence around office. So I suppose with the confidence I just told you I have, which is that over rework paragraph that I had said in my speech, makes me go, that’s probably where there’s going to be more opportunities.
Rich Anderson: And so kind of related to that, you had a couple or three quarters in 2022 where things were moving along nicely and then you had this hiccup in the fourth quarter, and that experience kind of did a lot to inform you about 2023 guidance and the flat occupancy scenario and so on. So that seems like a really kind of sensitive topic in the sense that it could turn back on pretty quickly, right? Like if the Fed gets it right
Jordan Kaplan: It turned off quickly, and that’s what I tried to say when I was asked about our occupancy guidance.
Rich Anderson: That’s my point. So maybe the very fact that it moves so quickly in one direction, is your confidence behind office, and I guess I’m kind of parodying what you just said, but so setting flat occupancy is the absolute probably worst case scenario and more likely, you probably see occupancy lift as the year goes on as long as we kind of get the macro right and we don’t have like a really disruptive economic scenario from Fed activity and so on. Is that the way you’re thinking about it, setting a floor?
Jordan Kaplan: Well, one thing — so real estate is not designed to be judged quarter-to-quarter. I know that’s the word we’ve bought into and that’s what we’re doing. So that’s what people probably more care about. As I just said — which you just said so we both said, so both in agreement. In the long term, I’m very optimistic about our market. I’m not so optimistic, if you’re bringing your point of view back to the quarter-to-quarter view to where the economy is going and that the Fed is going to be so quick that we’re like, okay, we’re done and wipe off the hands and move off the table. So we have to see how this year plays out and probably a lot of our guidance. Our guidance is not trying to give you messaging around what we think of the long term prospects for our market or our ability to lease up our buildings.
