COMMERCIAL REAL ESTATE PROFESSIONALS AGREED IN THE FALL OF 2022 THAT 2023 would have a healthy serving of uncertainty, with falling transaction volumes leading to a lack of price discovery and rising interest rates putting pressure on financing.

Still, people thought that by the second quarter of 2023, things would be getting back to normal. No one had a clue how long inflation would hang in, how high interest rates would go, and how much macroeconomic trouble there would be with banks being closed, many lenders pulling back, falling valuations, the ongoing impact of higher interest rates, major strikes by unions, political division, and more.

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