A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.

The recovery in commercial real estate has been slow and bumpy, much like interest rate policy over the past few years. The two, of course, are deeply connected.

After gaining significant momentum coming out of the pandemic, this year has been rough. October was the first month of negative year-over-year transaction volume growth since the post-Fed rate hike recovery began in early 2024, according to monthly data prov

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