However, the summer months and especially Back-to-Schools sales could accelerate recovery.

Dealmaking, though, has slowed amid rising rates and tighter lending.

Completions are expected to rise to the highest levels since the 1980s this year and next.

The situation is even worse than during the global financial crisis.

Rents are rising and absorption is positive.

CBDs need to reinvent themselves to remain attractive and competitive.

The rating agency also pushed its forecast for a U.S. recession to late 2023 from mid-year.

"Demand remains well to the positive side, but it is braking somewhat, particularly among consumer-related businesses."