How Severe Is the Commercial Real Estate Downturn Really?

The public CRE index says stabilization. The transaction tape says office fire sales. This Pattern Nexus Premium Research article separates the broad commercial real estate market from the distressed office tail, tracking CMBS delinquency, bank exposure, refinancing walls, private mark opacity, sector divergence, verified office markdowns, and the evidence behind claims that some assets once valued near $10 million can clear closer to $2 million–$3 million.