Which of the following is NOT true of the real estate cycle?

A$)$ The markets for apartments, warehouses, retail properties, and office buildings all fluctuate due to real estate cycles.

B$)$ When local real estate owners and investors sense that vacancy rates are declining and rents are rising, it generally implies that the amount of leasable space is also declining.

C$)$ The real estate cycle includes periods of recovery, expansion, balance, and decline.

D$)$ Investors considering properties in the expansion phase of the cycle should anticipate a period of vacancies and soft rents in cash flow projections.