Completions are expected to rise to the highest levels since the 1980s this year and next.

The situation is even worse than during the global financial crisis.

Rents are rising and absorption is positive.

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.