As the world waits for Wednesday, when the Fed is to issue its belated decision on the future direction of interest rates and whether to lower them by 0.5% or 0.25%, the CRE sector is especially anxious about the outcome and hoping for the deeper cut, according to William Weisner, chair of the real estate practice at the New York City law firm Tarter Krinsky & Drogin.

"25 basis points or 50 basis points won't make a difference if this is the only cut," said Weisner. "If they go with 50 points, it will be a recognition that the Fed could be readying for more cuts. It would indicate that the Fed is maybe thinking of cutting gradually after this year."

In Weisner's view, the CRE community is more focused on the trend ahead than the specifics of the cut this time. "CRE really needs rates to come down by at least 2%," he commented, adding that a cut of triple or quadruple the amount under discussion is called for. "It is important that this is the first of many rate cuts."