At a general session titled “A Conversation with Industry Leaders on Global Real Estate Markets” at the 2023 ULI Spring Meeting in Toronto, moderator Peter Ballon, global head of real estate for the CPP Investment Board in Toronto, summed up the turbulence of the current real estate environment this way: “We have a situation of persistent inflation, rising interest rates, rising cap rates, bank failures, and a recession that’s perhaps looming. Other than that, it’s a perfect environment to be investing in real estate.”