Blackstone President Jon Gray is being quoted in an interview with Goldman Sachs as saying the commercial real estate market is reaching its bottom.

That may sound familiar. In the company's January 2024 earnings call, Gray said, "[We] believe values in commercial real estate are bottoming. This doesn't mean there won't be more troubled real estate investments to come in the market, particularly in the office sector, which were set up during a period when borrowing costs were much lower nor does it mean we won't see a slowing in fundamentals in certain sectors with excess near-term supply."

In March 2024, during an interview with Bloomberg, Gray said, "The perception is so negative and yet the value decline has occurred, so when you get into this bottoming period that's when you want to move." He then added, "As investors, sometimes, one of the risks is that you miss it by being overly cautious and I think now is probably a good time before rates come down."