A strong start to 2022 marked by robust fundamentals and record levels of investment sales activity transitioned into a second half marked by uncertainty, leaving commercial real estate on unsteady footing heading into 2023.
As U.S. economic growth shows signs of slowing, more loans are being downgraded — November saw the most cuts for issuers since May 2020, according to JPMorgan. CLO managers are avoiding CCC loans, or even loans close to getting downgraded to that...