Which statement is MOST correct on why commercial real estate prices CAN rise as market rents fall?

a. Prices are set by supply and demand, rents are rarely a major factor in valuation

b. This is a direct result of the replacement cost rent theory

c. The building is being considered for redevelopment, thus rental rates are irrelevant to prices

d. Cap rates can move independently of rent growth, and cap rate movements can often have larger overall impacts