Some in CRE finance, like IPA Capital Markets, a Marcus & Millichap division, have been generally optimistic about CRE markets. But now they're starting to see the hope of coming rate cuts backing off a bit.

"We didn't see a cut in March, and we likely won't see one in May or June, and there is now an outside possibility we won't see one in 2024 at all," Tyler Johnson, managing director of IPA Capital Markets, tells "However, our team is still optimistic that a cut is coming in July, and is always of the mindset that volatility creates phenomenal opportunities, and the present is no exception to that rule."

That still sees optimistic given the Federal Reserve's latest Beige Book and also comments coming out of central bank officials.

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