We are wishing everyone a very Happy New year. This past year, 2022, proved to be the busiest year our commercial appraisal practice has ever had. Our commercial appraisal office was only able to maintain our blog located on the Google Blogger platform during this very busy time. Our apologies for not updating this blog sooner. Issuing commercial appraisals during and after the pandemic was a challenge. When the pandemic commenced, commercial transaction volume came to a standstill and was very limited for the first six months. There was also limited means for forecasting the eventual market recovery. Typically all of the commercial sectors follow the national economic trends, but with Covid, the entire rule book went out the window. In late 2020 and 2021, the housing and apartment sector experienced unprecedented value increases. The San Diego Case Shiller Index exceeded 25% in 2021. Retail centers and office buildings were all case-by-case appraisals requiring a granular analysis with the valuation depending on the property-specific tenant mix and tenant profiles. Fast food restaurants with drive through lanes prospered while many family sit-down restaurants closed. Then in 2022, the residential market went flat as interest rates increased. As the residential market became less active most commercial assets showed gradual improvement and increased occupancy. Overall, the San Diego business community and San Diego commercial real estate market showed remarkable resilience. San Diego commercial property owners, asset management companies, commercial brokers, commercial leasing agents, tenant improvement contractors, and commercial tenants have all been hard at work filling and repositioning properties. We are so fortunate to have many highly talented individuals in this profession. The fact that so many San Diego commercial properties experienced successful tenant workouts or were rapidly repositioned has shown this difficult time to be our finest hour.