I don't think it is terribly surprising, as we have been watching all the announced projects. I think we will continue having a lot of space coming on the market.

We will have an opportunity to put out some great projects in the future. All we can do is improve from this experience.

We know we have the largest properties in the sample and what we are missing is going to be very small.

We definitely heard a note of what I would call healthy reality from some of the folks this time. There's a lot of office space in Bentonville and a lot of retail space coming online.

We are seeing smaller increases in both than we have previously. But it can be a gradual process. We are predicting — and we are going out on a big limb here — a slowing of the increases, possibly leading even to a decline in the future.

While demand is still very strong, this is a caution to all the folks involved in residential construction out there.