The total number of distressed properties increased just 1% in September, the slowest rise seen so far this year, according to research firm Real Capital Analytics. However, that 1% still accounts for $5 billion of assets, bringing commercial real estate's total to a monstrous $138.2 billion.

Says RCA's report: "The apparent slowdown does not mean that a peak has been reached; monthly volume can fluctuate in the event of a corporate-level bankruptcy or the failure of a large asset portfolio."

In the third quarter, the hotel sector recorded the highest percentage of new outstanding distress, rising 54% over the second quarter, bringing its total to $28 billion. On the flipside, multifamily saw a 2% decrease in distress in September, though there was a moderate increase in the third quarter. Total distress in that sector is $22.1 billion.