“Across all sectors," says Ermengarde Jabir, senior economist with Moody's Analytics, "there will be a continued recalibration of sorts.”: The commercial real estate market is still reeling from the aftermath of the pandemic—and 2023 was a particularly bad year for the sector. Last fall, Julie Whelan, CBRE’s global head of occupier research, told Fortune that it was no secret how bad office vacancies were: a 30-year high at around 18%. At the same time, there was a dramatic undersupply of multifamily properties.