Right now, the prevailing consensus in the market seems to be that commercial real estate ("CRE") and the publicly traded real estate investment trusts ("REITs") (VNQ) that own it are permanently impaired. Property values are falling, and high interest rates have made CRE business models unviable. But as is so often the case, this popular narrative takes a kernel of truth and blows it out of proportion into huge misconceptions. That's when it's helpful to hear from a real expert in the field, such as a portfolio manager at Blackstone (BX), the largest alternative asset management company in the world.