Self evident in GDP and rates - major markets are heading in different directions...

In practice the US is going to try to grow it's way out of its challenges - which might take a bit of time given the oversupply problems  ... Europe will get a more immediate rate boost ... and it doesn't have any supply issues ... the key move for European CRE will be getting on the right side of the secular tailwinds that will fuel NOI given a weaker cyclical outlook ...