The lending market “is not cautiously pessimistic, it’s not cautiously optimistic. It’s just in a quiet place where it doesn’t know which direction to go,” says one source.
With commercial vacancies rising and rents falling, there is a question of whether the banks have set aside enough money for CRE losses.
Excess Space’s Michael Wiener says ‘We must talk about science these days instead of just talking about real estate, because it's all tied together now.'
Valuation experts are still struggling to get a handle on current market conditions.