CBDs need to reinvent themselves to remain attractive and competitive.

The rating agency also pushed its forecast for a U.S. recession to late 2023 from mid-year.

"Demand remains well to the positive side, but it is braking somewhat, particularly among consumer-related businesses."

The higher rates "could send the market into a deep freeze."

There is a "logjam" in the CRE sales and financing markets.

Meanwhile single-tenant cap rates are expected to continue rising throughout 2023.

Last year investment sales totaled $10 billion.

Capital for retail and multifamily properties is still available.