The Federal Reserve's Summary of Commentary on Current Economic Conditions, commonly called the Beige Book, made clear that the economy has begun slowing and that the upward revision of third quarter GDP growth to an annualized 5.2% isn't likely to continue through the end of the year.

"On balance, economic activity slowed since the previous report, with four Districts reporting modest growth, two indicating conditions were flat to slightly down, and six noting slight declines in activity," the report said. "Retail sales, including autos, remained mixed; sales of discretionary items and durable goods, like furniture and appliances, declined, on average, as consumers showed more price sensitivity. Travel and tourism activity was generally healthy. Demand for transportation services was sluggish."

All this is bound to have an effect on multiple parts of commercial real estate, which it apparently did. "Commercial real estate activity continued to slow; the office segment remained weak and multifamily activity softened," the report continued. "Several Districts noted a slight decrease in residential sales and higher inventories of available homes. The economic outlook for the next six to twelve months diminished over the reporting period."