The office market is leaving many CRE professionals, economists, policymakers, and others scratching their heads.

Refinancing is tough. The Federal Reserve and bankers keep warning their concern over the state of loans. Gig waves of maturity are reportedly about to hit at a time when lenders are cautious, if not outright wary like banks, and the expense of refinancing at higher rates and lower leverage can make a property seem unworthy of a fight.

And yet, the worst hasn't seemed to happen. As John Chang, senior vice president of research services for Marcus & Millichap said in a video, "a lot of people have been really surprised that the distress levels aren't far worse than we've seen so far."

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