There's a practical chorus of big investors and experts saying that commercial real estate, excepting maybe office, is getting closer to bottom if not there already.

But not everyone.

Drew McKnight, Fortress Investment Group co-CEO & managing partner, was far more cautious in a recent CNBC interview. "I think it's top of the first inning. If you look at the number of defaults today, it's very, very low," he said, pointing to a number of reasons.

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