That's how a stable of experts described the commercial real estate capital markets environment over the last part of 2022, as the Federal Reserve appeared poised to continue its progression of rate hikes largely unabated.

"We haven't seen this much volatility in the financial markets since the global financial crisis, and it's very difficult for lenders, buyers and sellers to gain a handle on the proverbial rules of the game when treasuries have more than doubled since the early part of the year," says Abby Corbett, Global Head of Investor Insights at Cushman & Wakefield. "In fact, we've seen over 20 days in which treasuries have moved more than two standard deviations, a threshold not previously seen since 2009… This sort of environment is difficult to underwrite and diffi-cult to price."

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