Flashy is catchy. When it comes to analyses of the office sector and failing loans that are a warning sign of danger, often the biggest examples that draw attention are the most dramatic ones, Jack LaForge, associate manager, advisory services at Trepp recently wrote.

"When thinking about the commercial real estate (CRE) office problem, many attribute it to the excess of space in overvalued office assets, and the subsequent reset of office valuations that are due to occur when accounting for post-pandemic demand," he said. "It is scary, and certainly noteworthy to talk about a $400 million downtown office losing 50% of its appraised value and a top-five tenant before a 2024 loan maturity date, and assets such as these have been front-and-center of Trepp's recent research."

But then, as he continued, what is happening with smaller properties, deals, and loans that receive less attention? Move beyond giant single-asset, single-borrower (SASB) examples and there are still many properties showing signs of stress.