Maybe it hasn't been as bad as it seems. An analysis by JP Morgan Chase shows that commercial real estate has remained resilient in the first half of 2023 and many of these categories have the wherewithal to continue to withstand recessionary and other headwinds.

To be sure, economic uncertainty remains high for commercial real estate through the rest of 2023, it said, pointing to the interest rate environment and the future of office space. "But there are also positives: Multifamily and industrial continue to perform well, and the industry may have underestimated the strength of neighborhood retail."

Continued strength is showing in the multifamily sector with the national vacancy rate at 4.5% at the end of 2022, according to Moody's Analytics, even as rent growth slowed. The median vacancy rate nationwide is 3.9% as of April.