commercial real estate, unlike gaul, is divided into FOUR parts: retail; office; multi-family; and industrial. i think each sector has to be analyzed independently.i have the impression that multi-family is doing well - not luxury condo development but actual rental businesses.retail is pressured.office must already be squeezed by the slowdown but if wework implodes it looks like real trouble, with knock on effects for etf's, cef's, mutual funds, probably pension funds, insurance companies.