Stalled, stagnant and sputtering: The postpandemic comeback for commercial real estate was supposed to take off this year, but as the days tick down on 2025, CRE is reckoning with a reality check. 
Although there have been some positive signs in recent months, such as increased demand for Midtown Manhattan and San Francisco offices, a murky macroeconomic forecast has blunted growth prospects and put uncertainty firmly back into the equation.
“We’re probably in a lot better spot than we were 18 months ago,” Moody’s Economic Research Director Matt Reidy said. “But we’re probably not in as good of a spot as we…