What evidence would make us act?
Triggers are pre-committed review rules. The desk proposes them mechanically each release, Chris adopts them individually, and both the rule and where the evidence stood are frozen in the forecast ledger so “was it crossed?” is gradeable later.
Pre-committed review rules
Window opens rules watch oversupplied metros where the development window may be opening. Window-close guard rules watch constrained metros where a favorable window could fade. Start-by deadline rules mark the latest review quarter for a timing call.Absorption watch rules track whether supply is being absorbed fast enough to change posture. Revision review rules flag places where challenger evidence says the next Green Street vintage deserves extra attention.
Distance today states how far the evidence is from the rule in its own units: basis points of occupancy versus equilibrium, quarters to a deadline, or percentage points of model divergence. The unit belongs to the evidence; the board does not force every rule into one synthetic score.
Proposed means the machine generated the rule for review this release. Adoptedmeans Chris accepted it as a standing review rule during the adoption pass; adopted rules are the ones the desk expects to revisit release after release.
Triggers begin reviews — 'move to Prepare', 'refresh the land search', 're-underwrite' — they are never automatic investment decisions.
Deliberate design choice: this board is not filtered by the Holland-targets toggle because it is a policy list, not a screener. Hiding rows here would hide standing rules rather than narrow a ranked market universe.