With uncertainty and market readjustments being some clear watchwords for 2023, knowing how and where to pivot becomes both necessary and challenging.

A recent Hines report noted that investors, owners, and operators can't completely rely on what happened in the past because every cycle has its own quirks.

"Recognizing what is different and what may at least rhyme with previous cycles can provide insight into how to navigate what is both challenging, as it relates to existing holdings, and opportunistic, as it relates to the potential to deploy capital in a more sober and attractive pricing environment," the firm wrote. "All parts of the cycle require a bit of both defense and offense."

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