Commercial real estate in the US continues to feel pain in the current rate environment.

During 2023 & 2024, direct real estate investment will be roughly half of 21/22 amounts. And closer to investment totals seen nearly a decade ago (when building costs were much lower)

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This also includes residential, industrial, student housing, etc, not just office. (some of those sectors are doing much better than double digit vacancies)

The last ~5 years was fully predicated on cheap money...

double digit vacancies will do that to you...