Are you suggesting that commercial landlords don't understand the risk of bankruptcy? First, not every startup is going to die. Second, you don't necessarily n

Are you suggesting that commercial landlords don't understand the risk of bankruptcy? First, not every startup is going to die. Second, you don't necessarily need your tenants to survive to capitalize on these leases. For example, leases affect a property's value. If you're looking to sell a building, having tenants locked into long-term leases at record or near-record rates is not going to hurt you. The landlords have been through booms and busts before and know more about the commercial real estate market than the entrepreneurs they are leasing to. That they're increasingly looking to lock in longer leases is a good clue as to where they think we are in the current cycle.