CRE’s Biggest Miss: It Wasn’t the Pandemic—It Was Inflation Back in 2020, real estate was scrambling. Offices were empty, retail was shuttered, and everyone thought cities would never recover. Predictions flew—urban exodus, a retail apocalypse, the rise of hub-and-spoke offices. Some of it happened. Most of it didn’t. Fast forward to 2025, and the biggest hit to CRE wasn’t the pandemic itself—it was inflation. While everyone focused on short-term lockdown effects, no one saw the long-term impact of cheap money and skyrocketing interest rates. Distress came, but not where investors wanted it—offices are suffering, but few buyers are eager. The urban exodus was a blip—people moved temporarily, but cities bounced back. Retail’s “death” was exaggerated—e-commerce grew, but brick-and-mortar still stands. Business travel survived Zoom—companies realized face-to-face still matters. Ghost kitchens? Overhyped. This deep dive from Bisnow is a must-read. It breaks down what real estate got wrong, what actually happened, and where CRE stands today. Read the full article here: https://lnkd.in/eh4RNjwU