Energy is one variable. But have things gotten less efficient as things keep going up in prices? Is more labour needed to produce the same? There is stuff like regulation forcing more expensive things. But in general if there was efficiency gains things should keep the same price or drop. Somehow this isn't really happening very well.

But my thesis really is that these things are not underlying the rents. But rents are actually underlying these costs. And well in general the rent seeking economic process build on ever growing valuations of everything.