What's different now that we've never seen before in this industry is everybody has tremendous equity in front of our loans. In the past, we would see loan to values 75 to 80 percent. I don't think we've made a loan 75 to 80 percent during the entire uptick in the market. Everything is 65 percent or below and on average it's below 60 percent. What they're doing, is they're giving up some of the upside, it creates safety in the transaction. So, when the inevitable downturn hits, they're not going to have to hand the property back. That's really how these things are being structured, is to be very long term investments with almost like a miniature fortress balance sheet. We always talk about that here at JPMC, we have a fortress balance sheet, well our customers in the real estate sector have created fortress balance sheets, as well.
There's a radically different thing going on with users right now in the market, particularly on rental apartment units. In the past, if you look at were offices were being built, they were being built out in the suburbs. Millennials don't want to be in the suburbs, they'd prefer to be in the city. They are willing to live with less space but they want it to be more modern, clean and up to date and they will trade a smaller unit for that. But the question we are always asking ourselves is, that sounds great, well, they don't have any kids, but we'll have to see how it all works out in the future. But that is definitely a major shift from what was being done twenty, twenty-five years ago where corporations were building campuses in the suburbs, now they are moving a lot of their space needs back into the cities.