On the positive front, the COVID-19 lockdown that impacted much of the world in 2020 is mostly in the rear-view mirror. Many countries are returning to business as usual (with China, among major economic players, the possible exception). However, the “flip side” includes economic headwinds (inflation), geopolitical conflict (Russia’s invasion of Ukraine, and the resulting “saber-rattling” by other countries) and stymied worldwide movement of goods (supply chain disruptions). While these factors continue to create challenges for investors, they have also increased the attractiveness of U.S. commercial real estate as a “safe haven” for capital.