Trying to understand the office market has become difficult. Some knowledgeable people in CRE are sure that now is the time to invest in office. Fitch Ratings isn't in that camp.

The firm "expects a more protracted U.S. office commercial real estate sector recovery during this cycle than following the Global Financial Crisis," which, if prescient, is not a pleasant thought.

Compared to other cycles — not just the GFC but the late 1990s and early 2000s — all had begun upturns with 18 to 24 months. The current downturn is at about 48 months and is still continuing.

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