A lot of CRE risk expectations have been sitting with the office sector for obvious reasons. According to Green Street, for example, by the close of 2023, approximately $25.3 billion of such loans will have been set to mature across 245 loans with a total property count of 602. The majority will face "significant refinancing challenges," though of that number, $16 billion worth have extension options.

But it's not the only sector facing rough times, because current market conditions are complex and can reach out in easily overlooked ways. Industrial, still exhibiting strength, is potentially facing problems from corporate debt maturing into unfavorable financing conditions and rising vacancies from new inventory coming out of construction.

Fitch Ratings just came out with a report reminding everyone not to use office as a way to forget other problems. "The roughly $3 trillion-plus commercial office sector is one of the largest CRE property types, but still only comprises a low-teen percentage of the total estimated U.S. CRE value," they wrote. "Enclosed retail, full-service hotels and multifamily are property formats with higher refinance risk that also warrant scrutiny."