Quarter-to-quarter investment volume was down 21%. Cap rates and vacancy rates are up.

The NABE survey also shows that 90% of the respondents still expect a soft landing this year.

'Despite progress, business activity still being affected,' the bank said.

Tight space in major metro regions are forcing companies to look elsewhere where expenses are lower.

The inflationary pressures he sees in the near future haven't suddenly disappeared.

Major mortgage REITs have been shrinking their portfolios.

A lot of big global investment fund managers have cut their CRE allocations.

There are implications for price discovery as well as backdoor hedges for future property acquisitions far below expected eventual value.