The Trepp 2022 CRE sentiment survey wasn't a pile of doom and gloom. It found a "prevailing sentiment is that a variety of adverse conditions will impact business, but [that] commercial real estate and the broader financial markets will avoid worst-case scenarios."

The poll received several hundred replies with half of respondents in commercial real estate, and others coming "from banks, capital markets/structured finance, and academia." Although the respondents thought that CRE and broader financial markets would "avoid worst-case scenarios," there were a number of concerning expectations.

The first is a financial impact. "By a ratio of more than 10:1, respondents predicted that CRE and CMBS delinquencies would rise over the next six months," the report said. "This would be a reversal of the overall trend of a declining CMBS delinquency rate for 23 of the last 25 months. Not surprisingly, inflation, higher interest rates, and supply chain constraints were the biggest macro concerns in the survey."