The Last Time CRE Returns Were This Negative It Was the GFC

GlobeSt.com, Mar. 23, 2023–Courtney Fingar
Overall CRE returns declined by 3.5% in the last quarter of 2022, taking them into negative territory for the first time since the onset of the pandemic.
https://www.globest.com/2023/03/23/the-last-time-cre-returns-were-this-negative-it-was-the-gfc/