MSCI Real Estate’s Jim Costello on prices, cap rates and misconceptions about the industrial sector Jim Costello, head of real estate economics and chief economist at MSCI Real Estate, discusses valuation issues, prices relative to longer term trends, whether cap rates are sustainable at low levels and why the industrial sector should not be considered a "bubble." (06/2022) Jim attended the VIP Americas 2022 conference in Carlsbad, Calif. in January.