Understanding on how cap rates are used to assess value is a core skill in real estate development and investment. With 2020 hindsight, we see that the pandemic has caused significant changes in local markets; 24-hour cities with previously low cap rates in residential and office are seeing them increase and 18 hour cities are seeing cap rates decline. At the same time, capital availability and cost have become dependent on fiscal and monetary policies which are addressing both short term crises and long-term economic anxiety. This webinar will explore the theory and practice of cap rates and describe how current market circumstances suggest the strategy of investing/developing at high cap rates and selling at low cap rates. This is the essence of using cap rates to understand market dynamics and how to invest to obtain a return. Cap rate differences among markets and sectors present opportunities.