Moody's cautions against relying on the old adage that CRE is a "hedge against inflation."

Increasingly, these empty big boxes are being acquired by warehouse and fulfillment providers.

With the sale of a 29-property data center portfolio, the company is focusing on becoming a pure-play healthcare REIT.

Retail suffered the most, with the largest average valuation decline of 36.9%.

The proceeds will fund the horizontal and vertical construction of a 360-unit townhome, build-to-rent project.

Sovereign wealth funds, family offices, pensions, endowments and foundations, and financial institutions were among the investors.

However, three metro areas actually saw single-family rental rates drop: Boston, Chicago and St. Louis.

Home values inside the zones remain quite low compared to the rest of the US.