The Federal Reserve released its October Beige Book about current high-level economic conditions, broken down by the 12 Federal Reserve districts.

"The Beige Book is intended to characterize the change in economic conditions since the last report," it says. The results show that while change may be inevitable, when it comes to commercial real estate, it's not inevitably good.

For CRE, here's how the Fed stated the national current outlook for CRE: "Commercial real estate slowed in both construction and sales amid supply shortages and elevated construction and borrowing costs, and there were scattered reports of declining property prices. Industrial leasing remained robust, while office demand was tepid. Bankers in most reporting Districts cited declines in loan volumes, partly a result of shrinking residential real estate lending." And then, outlooks in the face of weaking demand "grew more pessimistic." Following are some specific regional observations.