The U.S. commercial real estate industry's ability to get credit and, therefore, fortunes have strong ties to the 4,648 insured banks (according to the FDIC) in the country that provide about 38.6% of CRE loans. Anything that negatively affects the stability and credit ratings of the banks is an issue for the CRE industry.

Despite multiple federal officials and regulators repeatedly saying that the entire banking system is sound, Moody's recently cut ratings on a number of smaller and regional banks and put some larger ones on notice that they might face potential actions.

Now Fitch Ratings analyst Chris Wolfe warned in a CNBC interview that the current financial state of banks couldn't be taken for granted. It is possibly that a slight change in conditions for the industry, with an overall rating drop like the one Fitch instituted in June, could force a reconsideration and credit downgrade of some major banks, including JPMorgan and Bank of America, because an individual bank can't have a credit rating higher than the industry as a whole.