Higher rates have made commercial real estate a game of patience, not action. Negative leverage means investors can’t justify buying when debt outpaces returns. Add economic uncertainty, and you've got a perfect recipe for paralysis. The smart money knows this isn’t a drought—it’s a recalibration. Deals aren’t disappearing; they’re marinating. Wait for rates to stabilize, sellers to reset expectations, and opportunity will resurface. The ones who stay disciplined now will feast later. https://lnkd.in/ehw_Ftmy